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FINANCIAL TIM

No. 29,033

EUROPE’S BUSINESS NEWSPAPER

Friday March 25 1983

m *

JSJ

\ Regional aid: how
\ EEC countries
Jf compare. Page 8

NEWS SUMMARY

UK sanguine over sterling’s weakness

®si

ilh’KtS

... i*
£*»*■

tl 1 ^ A

GENERAL BUSINESS

U.S. to Cable and
offer new Wireless
N-missile in $21 lm
proposals HK deal

President Ronald Reagan ol the
VS. h understood to have agreed to
proposals to limit the number of
medium-range nuclear missiles the
UBand the Soviet Union could de-
ploy in Europe. :

. The prqposals are expected to be
■tabled at stalled Geneva talks in the
□ext few days. They come after
pressure from European! govern-
ments and are a marked "departure
from the so-called zero option in-
sisted on by the UB since the talks
started in 188L frge 6
In Madrid UJ5. Defence Secretary
Caspar Weinberger rejected ' a So-
viet charge that President Reagan's
proposal to shift defence policy to
an anti-balKsfic missQe deterrent
violated UB.-Soviel treaties.

Nicaragualuint

Nicaraguan officials’ said the army
was still hunting an opposition in-
vasion force. which, -the Govern-
ment rlahned. Was directed by the

UB • -.. i

Byrne enda f^ght

Chicago's . . Mayor- - Jane Byrne
dropped her campaign to run for
the post again in elections next
month. PageS

And ropov ‘ailments’

Soviet leader Yuri Andropov has
heart and kidney problems but they
are not ’‘ftfe-thr eatenlng ." Moscow
reports said-

Murcta charges

Subjected- -Left-wing ■ guerrillas
.Christian. Harand-Brigitte Mohn-
haupt were- charged - with rourtter 1
ingthree praminent West Germans,
iucin^g— -tBdurtiWgtete tr^ l eader '
Ham^M*u'ttoBchJeyttto Wit.

Heart patient# die . f • •

Retired dentist Barney Clark, 62,
who on December 2 became-the
first person to receive a permanent
artificial heart, died in Salt Lake
City- In Houston, Kenneth Ingram,
28, was the first patient to die after
being treated '.with a new drug to
stop the body injecting a . trans-
planted heart

Lebanon deadline

Lebanon set April 2 as xi d e a dlin e
for brad to agree topreposab for
its withdrawal PageUp ; , -J

MitteiTand'boring’

The Right-wing FYeach press de-
cribed as^bwxpg^Prt^deatMitter-
ramrs appeal to the French to mobi-
lise in the battle against inflation,
unnykqmant and the trade de&
ritn^eS 7 : ; :.; r •"

Parte raft peace

Workers at Rtrfa's Gare du N«d re-
turned to wodc-after settlement of a
10-day strike over demands for
more staff and better conditions.

Poland eases cuts

ThaM^'GtWtomhwnt drained a
number ofsocial pending cuts de-
signed for indoskmin a' threeyear
anfi-mflatnmprograrame. Page Z

Turin bribe# inquiry

A top Xtattas BoctaUst Partyoffidai;
in charge of an Interart inquiry into ' -
a IhnVbribesscandai ins been
told that he itba is under ^investiga-
tion. ■ "

Briefly... ; - ;

Earthquakes inwertem Greece in-
jured five people. '

Eastern Airlines of the UB and-
mecfaanfcs’ leaders settled a . pay
dispute. ' . ... r

Nigeria s^d about Sxnrfflecpl West
African Jminigrants had left s ince
January.

• CABLE AND WIRELESS, Lon-
don-based international telecom-
munications group, is to pay HK
L4bn (S2Um) fix- 34B per cent in
Hongfamg Telephone Company.
Details and Lex, Page 14

• STERLING ^recovered from re-
cord trading lows against the dollar
and D-Mark, dostog at $1.4635, a
rise of 88 points on the day, and DM
35425 (DM 1341 It edged up to FFr
10A05 (FFr 1(1595) but eased to
SwFr 103 (SwFr 10425) and Y347
(Y348.75). Its trade-weighted index
was 711 (713). In New York, ster-
ling moved down to close at $L4587
($L4S32).Fage 38

• DOLLAR tost ground on an eas-

ing of Eurodollar i nt erest rates,
dosing -at DM 2.42 (DM 2.4251 FFr
7.25 (FFr 7-2675L SwFr 107 (SwFr
2J84) and Y237 (Y2319). Its trade-
wrighted index was 1210 (1215). In
New York, the dollar dosed at DM
14227, FFr 7260, Sw Ft 1072 and
Y237-3- Page 38 |

'• GOLD rose $175 to $415 an
ounce in London. In both Frankfurt
amt Zurich it added S5 to $4151
The Comex March settlement in
New York was $4110 ($417.9). Page
35

• COPPER: high-grade cash price
finished £215 up at £1081 a tonne
after heavy buying by speculators.
Page 35

THE BRITISH Government re-
. fused to intervene in the foreign ex-
change markets yesterday to pre-
vent a further drop in sterling,
Jeremy Stone and Peter Riddell
write from London. The pound's ex-
ternal value has fallen by more
than IK per cent in the past week.

Sterling's effective exchange
rate, which is measured against a
trade weighted basket of currencies
by the Bank of England's index, feQ
yesterday by 0.2 to 78.1 (1975 =
100). Although the slight easing of
dollar interest rates permitted ster-
ling to gain half a cent, closing in
London at 51.4635, while the pound
also pulled back a quarter of a pfen-
nig to close at DM 3.5425, these
gains were outweighed on a trade-
weighted basis by falls' against the
yen and the Swiss franc.

The British Government's view is
still that the latest fall in sterling is

no more than a temporary bout of
turbulence, reflecting uncertainty
over the oil price and inflows into
the dollar as a result of speculation
about a trend to higher U.S. interest
rates.

Ministers consequently believe
that there is no case for interven-
tion, and there is reluctance to raise
interest rates in the UK, particular-
ly from the Prime Minister. There
is a desire to avoid any move which
would risk a rise in the mortgage
rate for house purchases ahead of
the election.

Sir Geoffrey Howe, the .Chancel-
lor of the Exchequer, argued yester-
day in the House of Commons that
greater attention should be devoted
to the strength of sterling in rela-
tion to European currencies rather
than concentrating almost entirely
on the rate against the dollar.

Since the exchange rate started

COSTLY DEFENCE

France's defence of the franc is
the final weeks before Monday's
devaluation within the E u ropean
Monetary System exhausted the
SSbn borrowed last year from
tjaniH Arabia and on d 1 ** Euro-
markets in an .efforts to twister
foreign exchange reserves.
Page 3

i

to slide in November sterling has
fallen 11.5 per cent aginst the dol-
lar. But its performance against the
D-Mark has been considerably
worse, showing a drop of 17.3 per
cent The effective exchange rate,
which stood at 91.3 on November 12,
has fallen 14.5 per cent
Mr Jock Bruce-Gardyne, the eco-
nomic secretary to the Treasury,
said it was not within the power of

Tough U.S. import
curbs in prospect
for special steels

BY PETS! BRUCE IN LONDON AND NANCY DUNNE IN WASHINGTON

The threat of a second trade dispute in a year between the U.S. and major
.foreign steel producers hardened yesterday when the U.S. International Trade
Commission, ruled that the domestic steel industry was being seriously in jured
by Imports of special steels.

Japanese, West German, British UB. estimates show that of the 48

Swedish, Austrian and Spanish spe- GERMAN PLAN per cent taken fay imported aDoy

Swedish, Austrian and Spanish spe- GERMAN PLAN

dal steel producers could all face Managers and anion leaders
tough curbs on their exports to the from West Germany’s battered
UB. when the commission makes ^ ^1 industry moved closer to
recommendations, based upon its agreement on a new shape for a
findings, to the White House next sector burdened by heavy -losses
month. and overcapacity. Page 3

The Commission is likely to reo- -

ommend that President Ronald

UB. estimates show that of the 48
per cent taken fay imported aDoy
tool steel. West German products
took 122 per cent, Swedish 12.7 per
omit, Japanese 62 per cent, British
1.9 per cent and Austrian 4.7 per
cent Total imports of this sted last
year are thought to have been
worth nearly $50m.

EEC sted producers reacted cau-

Reagan impose import quotes, ta- ohUy imposed by the UB. could af- tioasly to yesterday’s ruling, prefer-
riffs, or a combination of both, on feet many more producers than ring to wait for an opportunity to
special sted imports, which last those dealt with last year. In the argue their case before the White
year totalled more, than 20,000 EEC alone there are nearly 70 inde- House rules on final measures. The
tonnes worth some S370m. pendent stee l producers who re- inr hidnn of independent, unsubsi-

. The ruling, , wffafoh covprs imp o rt^ ceive no straight government sub- dised producers in the issue could
of - stainless 1 and aBoy tool sted sidy. Many of the i n de penden ts, complicate negotiations.

jtroductg,: comes five months after tike their trigger state sector compe- nw British steel Cnrnnratinn’c

Cggi:rfW.»toi

• LONDON: FT industrial Orii- I
nary mdex shedOB to 654Bm. Gilts
rallied as pressures an storting snb- !
sided. Page 3L FT share infomu- !
tfon service. Pages 36, 37

-# WA1X STREET: Dow Jones in-
dex dosed 5jD3 up at U45JW, a re-
cord high. The previous closing
U^i was 114L74 on March 7. Page
-31. FuB share listings. Pages 32-34.

• TOKYO: Nikkei Do* index rose
2&9G to a record 8£4AQ& Sock Ex-
change index added 2 j 06 to 614.76,
also a new Ugh. Report, leafing
prices, other markets. Pages 31-34

• OCCIDENTAL PETROLEUM of
the UB. is selling its Cities Service
sabridiaiys refining, marketing
and 'transport operations to conve-
nience stores Southland Corpora-
tion in a S920m deaL Page 15

• AMERICAN MOTORS, 46 per
cent owned by Renault of France,
plans to sell AM General Corpora-
tion, the leafing military vehicle
producer, to raise cash for product
development Page 15

• SOVIET UNION and Yugoslavia
signed a longterm economic coop-
eration agreement Page 2

• SIEMENS, West German electri-
cal concern,, is to raise DM 220m
($90.7m) by a rights issue seen in fi-
nancial markets as a disguised divi-
dend. Page 14

• NATIONAL IRON and Steel Mills
of Singapore is making a one-for-
two beams scrip issue to raise issu-
ed . capital to SSS&Sm ($30-5m).
Page 16

• DUTCH PROPOSALS on cable
broadcasting are likely to depress
. foreign company interest and boost
the domestic “pturiform" system.
Page 2

• INDIA and France signed an
agreement on the supply of nttdear
fuel for toe UB--iaritt power station
atTarapur. Page '4

BY GUY DE JONQUBRB8 IN LONDON

ended ftn eighfonanfh dispute on fected by the ruling. beserfousiythreateiiedbyQie?ul-

general steel imperii into toe UB. Total penetration of the UB mar- ing as the aDoy content m many of
by agreeing to cat EEC sales to 8 ketby the steels covered by the rul- its products is probably hot covered
per cent below their 1981 level, ing is estimated to he, 22 per cent, by the ruling,
when Community sales took 83 per up from 10.9 per cent in 1979. Tbeir BSC Stainless, however could he
cent of the UB market market share is particularly high in seriously Affected Ahmit in

. Yesterdays mlrng could set the stainless steel rods (about 40per ^eeSTtet^ste*p“
riage for a much wider dispute than cent), stainless steel bars (up to 25 duced by independent UK manuL>
the one resolved last October. The. per cent) and alloy tool steel (48 per hirers is sold in the UB
general steel agreement was made cent in the first nin<» innnriig of

because UB. producers had argued 1982). Figures produced fay the British

that it was imports uf subsidised Alloy tool steel, used in the manu- Independent Steel Producers Asso-

steel that was damaging their in- facture of tools and d i es , is the most ciation show that imported tool al-
dustry. The special steels case put expensive of the metals covered by toy steel took about 80 per cent of
to the UB 'Government argues that the ruling and is thought to be sell- the UK market last year. Imports of
all imports of special steels are da- ing at a minimum of 51,500 a tonne, all the steels covered by the ruling
maging. By contrast, ordinary hot rolled coil were more than 60 per cent of the

This means that any measures fi- costs around $400 a tonne. UK market last year.

Philips seeks EEC Japan to
tariff on audio discs ease rules

BY GUY DE40NQUSRES IN LONDON on imports

PHILIPS, the Dutch electronics his own destiny," Mr Gerrit Jeelof, - ...

group, said yes terday that it was a director of Philips, said yesterday. ey cranes simm m roicyo
**^^ecial EEC prote- He added that the Gernrnn Cartd the JAPANESE Government, in
bon for ite newly launched compact Office had resisted plans by Philips TesQOnse to western pressure to
audio disc systems because it to acquire a majority of Grundig ^ ^ {mnnr t rerfriefione jc
needed a "breathing space" to tar years ago^hough be did l not ^

which to build up European sales of know what position the Cartel Of- to simplify testingandeertifi-

foetnachmes, 4 fice wmuld t^etoday . cation proceduresiOTTrange of for-

The company, Europe s largest Philips, which led the successful gj—
consumer electronics manufactur- recent campaign to curb EEC im- xh e i£easures, in response to for-

‘StfLSJS 1 ** 1 ^ eign pressure on Tokyotoeaseim-

^ S l D T kd for (yCRs from 'topan, raid toal lt ^ port festrictions, are wcpected to fo-
new products tor which there was strongly supporting efforts fay toe ^ onthe abolition oflegal discri-
no ■bomogenrour airop^n mar- Eurt^ean Commisson to gam m- ainatioa between JapSe and
ket and which could suffer from temabonal agreement on a 19 per fcreign prodacts acro^tteboard.
ait-price competition from Far cent EEC tariff on imports of com- To ^hkwe this, the Government
Eastern exporters. _ part disc systems. proposes to amend between 17 and

Phihps also raid that it was on- That wotod be double the tanff §q fomrelattog to such products as ,
ttaumg discusnons with Mr Max normally charged on audio equip- phann aceutiraL agricultural I
Grundig, head of the large West ment Philips launched the compact ^ consumwand elec-

German consumer rtectromcs man- audio disc last month, and, accord- tropes nroducts
ufactorer, about the company’s for tog to sources to Brussels, it has Saeasares will be :

turejbllowingjhe failure of the bid hinted that its production plans bv^j^^Scabtort JS££ '
by France’s Thongjam group for might depend on the level of the j/miSrs before being submitted :

75^pct cent of Grundig ^ ^ tariff. to the Diet (parliament). It is hoped

Philips is understood to be con- According to Mr Jeelof, a higher that they will become law before
sidenng the possibility ot mmeas- tai-jff ^ needed because some un- the end of the curre nt Diet session
tog its 24J> per cent stake m Gnm- identified Far Eastern manufactur-. on May 26.
dig. But it appears to be to no hurry ers are threatening to flood the Eu- Plans to review the touting and

to move and seems to be waiting for , Pam n certification procedures were an- i

Mr GmnrHg to take the initiative. Continued on rage 14 ,

Tito up to Mr Grundig to choose ' Joint venture plans. Page 15' Continued on Page 14 !

PHILIPS, the Dutch electronics
grmgj, said yes terday that it was

seeking special EEC tariff protec-
tion for its newly launched compart
audio disc systems because it
needed a "breathing space” to
which to build up European sales of
the machines.-

The company, Europe’s largest
consumer electronics manufactur-
er, said m London yesterday that
added protection was needed for
new products for which there was
no “homogeneous” European mar-
ket and which could suffer from
cut-price competition from Far
Eastern exporters.

Philips also said that it was con-
tinuing discussions with Mr Max
Grundig, head of the lai'ge West
German consumer electronics man-
ufacturer, about the company’s fu-
ture following the failure of the bid
by France’s Thompson group for
75.5 per cent of Grundig

Philips is understood to be con-
sidering the possibility of increas-
ing its 24J> per cent stake to Grun-
dig. But it appears to be in no harry
to move and seems to be waiting for
Mir Grundig to fake the initiative.

"It fa up to Mr Grundig to choose

his own destiny,” Mr Gerrit Jeelof,
a director of Philips, said yesterday.
He added that, the German Cartel
Office had resisted plans by Philips
to acquire a majority of Grundig
four years ago, though be did not
know what position the Cartel Of-
fice would take today.

Philips, which led the successful
recent campaign to curb EEC im-
ports of videocassette recorders
(VCRs) from Japan, said that It was
strongly supporting efforts fay the
European Commission to gain in-
ternational agreement on a 19 per
cent EEC t ariff o n imports of com-
part dia* systems.

That would be double the tariff
normally charged on audio equip-
ment Philips launched the compact
audio disc last month, and, accord-
ing to sources in Brussels, it has
hinted that its production plans
might depend on the level of the
tariff.

According to Mr Jeelof, a higher
tariff is needed because some un-
identified Far Eastern manufactur-.
ers are threatening to flood the Eu-

Contumed on Page 14
Joint venture plans. Page 15'

CONTENTS

Europe--.

Companies .....
America,....^..--
Companies

Oversew

Companies —
World Trade ......

Britain ....

. Companies .....

.... 2,3

..... 15

..... fr

...... 15

..... 4

16

..... 5

r,t

.. 17-16

E u robonds

Earo-options . . . , ,

Hi m imhl ftri imwH ,
GnU..

Agrindroro ®

Arts ^ Renews “

- World Guide ..... U

Commodities 35

— 38

Edfrortalaonmcnt — 12

Letters.. ^

14

Lombard....... U

Management JJ

'Marketmoiutots 31

Men arid Hktters...'. 12

Mining i....... 18 ,

Money Markets 38

Raw materials...'. 35

Stock Markets- Bourses .... 31,34
. -Wall Street . 31-34
-London .... 36,37

Teefanokify - f

Weather Id

Turkey: politicians await the
starter’s whistle 2

Sino- Soviet relations: Pe-
king warm, Moscow cool . . 4

Shipping: Ellerman Lines

goes up for sale 7

Technology: atom smashers
as production tools 9

Management: university

teaches innovation 10

Editorial comment: China’s
trade with the West 12

Exchange rates: the fall in

sterling 12

Tourism: why UK operators

are nervous 13

Lex: Cable & Wireless; UDS;
Tricentrol 14

Electronics: Growing pains
at Intel 22

any government to determine how
the short run fluctuations to the ex-
change rate would move. He said
“the basic fiscal and monetary poli-
cies of the Government are such as
to ensure that in the long run the
exchange rate remains firm."

In the short run. however, offi-
cials to the Treasury and the Bank
of England are becoming more and
more sharply aware of the policy di-
lemma which will confront them if
the pound continues to fall.

Their problem is that a falling ex-
change rate will bring a higher in-
flation rate in its wake, a point with
which the Opposition made play in
question time yesterday. Higher
UK interest rates, however, would
not only damage the Government
elector-ally but tend to choke off any
recovery in economic activity, and
should therefore be avoided.

This forces the authorities back

mnatwre-ioo

h STERLING 1

BO T TrmiMMghtad
— iadfti

into considering direct intervention
in the foreign exchange markets, a
possibility which market rumours
yesterday were scheduling for the
moment sterling fell below SI .45.

Sterling's fall. Page 12; Lex,
Page 14; money markets. Page 38

Usinor to seek
more funds and
plan reappraisal

BY DAVID HOUSEGO IN PARIS

USINOR, the largest of the French
state-owned steel groups, which has
already received FFr 2.95ba
(S406m) to new capital resources
this year, is to ask the Government
for further foods to help plug losses
anil maintain investments.

The group also wants the Govern-
ment’s approval for a drastic revi-
sion of development plans for the
aging Longwy and Neuves-Maisons
integrated steel plants in Lorraine.
It does not believe these plants,
which make long products, can be
made competitive by 1986 as envis- .
aged under existing modernisation
plans and fears that with the down-
ward slide in the steel market they
will add further to the group’s
losses.

Ustoor is therefore to propose
that planned investment in the
plants should irirtead he used to
bmid smaller electric arc furnaces.
But this could involve a cutback of
some 8,000 in the woriiforce In an
area where unemployment is al-
ready heavy and where the steel
workers have a tradition of political
violence.

The problem will be one of the
major challenges facing M Laurent
Fabius, the new Minister of Indus-
try, who has been given the task of
stemming losses in the public sec-
tor.

Ustoor made losses last year of
about FFr 4bn, slightly more than
the FFr 3.0bn it lost in 198LOfthe
FEY 2£5bn it received from the
state earlier this year, FFr L5bn
was in fart part of a special budget
allocation it received at the end of

1982 to help it meet day-to-day com-
mitments. The group expects prob-
lems to covering a further large def-
icit this year.

Existing plans for the French
steel industry were drawn up over a
year ago on the basis of a planned
production of 22m-24m tonnes by
1986.

Production last year fell fay 13.4
per cent to 18.4m tonnes and is ex-
pected to be between 17m-18m
tonnes this year. The plans have
thus come to be seen as increas-
ingly unrealistic but the problem of
massive redundancies - especially
in Lorraine, where .the other
French stateowned steel producer,
Sacifor. also has ageing plants -
had made the issue politically sensi-
tive. .

Usinor recently signed a planning
contract with the former Minister
of Industry, Mr Jean-Pierre Gbe-
venement This .provides for invest-
ments of FEY lllm over the period
1982-88, of which about FFr 2Bn is
for the development of long prod-
ucts, mainly in the Lorraine-based
plants.

In practice, Usinor has so far con-
centrated its investment on its
coastal mills at Dunkuk and Fos,
while hoping for a reappraisal of
plans for Lorraine. Also EEC ap-
proval has yet to be obtained for
France's long product plan, with a
decision expected in June.

The loss-making steel sector has
absorbed FFr B.5bn of the FFr 20bn
that the Government has made
available in new capital funds this ;
year for the nationalised industries, i

N. Sea deal
may give
Britoil
foothold
in U.S.

By Richard Johns in London

BRITOIL yesterday announced an
agreement with Amerada Petro-
leum under which the subsidiary' of

the UB. Amerada Hess oil group

would take a substantial stake m
ihrfe North Sea blocks predomi-
nantly owned by Britoil.

The arrangement could be part of
a wider deal giving the publicly
quoted British exploration and de-
velopment company its first toehold
i in the UB.

Talks between Britoil and Amer-
ada Hess on wider collaboration in
the UB are believed to have been
going on since lost summer

Neither company would corn-
menu however, on the ramifica-
tions beyond the North Sea deal.

Britoil stated its intention of es-
tablishing a presence in the U.S. as
soon as possible when 51 per cent of
its shares were sold to the public
last November. At present, it is
mainly involved in the UK and its
only active involvement is in Dubai,
Indonesia, Ireland and France.

Under the North Sea “farm in"
agreement, Amerada fetroleum is
to take a 36.84 per cent equity stake
in the acreage, which is near the
Auk and Argyll Gelds and is taking
over operatorship for it from Brit-
oil. Burmah Oil Exploration took a
12.1 B per cent stake to the licences
in 1678. and after the Amerada deal.
Britoil’s share will have been re-
duced to 51 per cent

Amerada Petroleum is expected
, to become sole operator by the mid-
dle of April. Neither company
would discuss the commercial or
work-sharing aspects to the deal
| and this could point to it being part
of a more far-reaching agreement,
giving Britoil its desired stake in
the UB

Amerada -Hess, by international
, standards, is a medium-sized, inte-
grated oil company with a wide
spread of interests to the UB. and
abroad. It has been heavily involved
in the development of the UK sector
of the North Sea from its earliest
stages and has an interest in the
Beryl, Montrose and Fulmar
producing fields, as weQ as North-
West Hutton and Hutton, which are
scheduled to start up during the
next year or so.

It was the leader of the group
which stibcessfolly bid ClO.lm
(S14.7m) for block 21/15 B in the
reccent eighth-round auction of li-
cences.

Us agreement with Britoil gives it
an interest in the only three blocks
in Quadrant 31, which is adjacent to
the median line dividing the UK

Continued on Page 14

Aberdeen

HEADQUARTERS BUILDING

Available September 1983

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Full Central Heating • Flexible Layout
ABOUT 79,600 SQ FT TO LET

Joint Agents:

Kenneth Ryden and Partners

CHARTERED SURVEYORS
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•V v ' 1 ”' •

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v / -c ,\

Ur-.

-V ^ <\

Financial Times Friday March 23 1883

EUROPEAN NEWS

Poland scraps social
service cuts to

stave off unrest

BY CHRISTOPHER BOMNSKI IN WARSAW

THE POLISH Government has
abandoned a number of social
service spending cuts originally
proposed by planners for inclu-
sion in a three-year anti-infla-
tion programme passed this
week to parliament for debate.

We have our Thatch ernes
in high plat** too,” said an
economist in Warsaw, comment-
ing on the discussion inside the
Government and the party
leadership in the past six weeks
on the prograLKine. “ But so far
their proposals have been set
aside.”

A comparison of the draft
programme dated early Febru-
ary and the details published in
the Press yesterday show that
the authorities are taking care
not to heighten working-class
. tension.

Gone, for example, is all
mention of a freeze on central
wage regulations, as well as rise
in social benefits from May l
this year.

But the anti-inflation pro-
gramme still envisages a review
of collective wage agreements
designed to cat back privileges
won in the past by various
(industries. This move is sure
rto cause discontent

The wage pact review will be
the first test of the new trade
onions which contain less than
10 per cent of the workforce,
now being organised to replace
the Solidarity union.

The programme also contains
a two-year freeze on wages In
sectors directly financed from

THE BANKING task force
negotiating the further re-
scheduling of Poland's foreign
private debt is seeking to
reaeh agreement on a
re-scheduling pact which
would cover the years
1983-1985, Instead of the
one-year arrangements negoti-
ated hitherto, Stewart Flem-
ing reports from Frankfurt.

This was confirmed by Dr
Christoph von der Decken,
the Dresdner Bank board
member responsible for the
Poland debt rescheduling.

Dr von der Decken said the
Polish officials, as well as
Western bankers, were inter-
ested in a longer-term
re-scheduling, a policy which,
in the case of the U.S.
banking industry. Is seen to
represent a change of heart.

Hitherto, it has been
thought that the U.S. banking
industry wanted to stick to
one-year agreements, a pos-
ition which keeps the Polish
authorities under the maxi-
mum pressure.

the budget, such as the health
service, education, defence and
security.

The cost of down-payments
for housing will also rise. But
the only social service charge to
survive the debate inside the
Government is the introduction
of part-payments linked to
patients' Incomes for meals in
sanatorias.

Italian metalworkers hold
day-long wage strike

BY JOHN PHILLIPS IN ROME

MORE THAN lm Italian metal-
workers yesterday held a day-
long strike in pursuit of a new
labour contract that was delayed
fay the long wrangling before
the historic agreement on wage
indexation signed in January.

Demonstrations were called
in most major Italian cities and
negotiations between the FLM.
the metalworkers’ union which
generally sets the pace in the
Italian wage round, and the
employers’ federation Intersind
were expected to resume today.

The search for new two-year
pay contracts which expired in

December 1981 and which the
national employers' federation
Confine! us trial declined to renew
until the problem of the acuta
mobile or “ wage escalator " was
resolved, is seen at the first
major test of just how far the
January accord on indexation
will guarantee Industrial peace.

Other indications that Italy
could be entering a period of
industrial disruption came
yesterday as airport workers
and Rome public transport em-
ployees announced strikes for
today.

Metin Munir in Istanbul reports an increase in political activity as the military considers a date for elections

Turkey’s political players wait for the starter’s

DESPITE the fact that Turkey
holds the post-war Western
European record for coups, poli-
tical imprisonment, hangings
and assassinations, politics
remains the country's only pro-
fession from which no one
wishes to retire.

At the age of 101, Mr Celal
Bayar, the former Right-wing
president who barely escaped
the gallows after the 1960 coup
and spent several years in jail,
is the world’s oldest active poli-
tician and continues to wield
considerable influence.

Mr Suleyman Demine! , his
spiritual heir, holds a different
kind of record: he was over-
thrown by the army in 1971
and again in 1980 when the
current military regime was
established. Undaunted, be is
fighting a silent battle to regain
political power.

Mr Demixel is not the
exception but the norm. Ail
politicians in the parliament
which the generals abolished on
October 12 1980 want to return
and all the parties which the
generals abolished want to
come back to life. There is not
a single former politician who
has declared that he wants to
retire and write his memoirs.

Even people who have gained
prominence since the coup are
beginning to come out and say
that they want to continue
political careers when demo-
cracy is restored.

Most prominent among these
“ greens," as one observer
labelled them, underlining their
inexperience and newness, is
Mr Turgut Oral, the former

TURGUT OZAL: Slimmer,
fitter and keen for office

Deputy Prime Minister and
architect of the country's
successful economic recovery
programme. Mr Ozal resigned
last July when he lost the confi-
dence of the army.

He has declared that ** if the
conditions are right ’’ (although
he refuses to say what the con-
ditions are) he would form his
own party and make a bid for
power so as to complete his
free market-oriented economic
reform programme.

Mr Ozal returned .to. Turkey
last month after spending about
three months in the U.S. where
he underwent a slimming
course at a Houston hospital.
He lost 67 lbs in less than two
months and. although he still
weighs 291 lbs, looks remark-

ably slim to people who knew
h s m when he was in Govern-
ment.

The soft-spoken, bespectacled,
dapper economist received a
hero's welcome on his return in
the Press and his diet (meat or
fish daily, plus vitamin pills, sail
and potassium and washed down
by water or sugarless
decaffeinated coffee or tea)
became more famous in Turkey
than Jan Fonda's Workout Book.

Although the politicians are
gathering in the political arena
it is still of course not known
when the race will start or what
sort of race it will be. When
the generals dissolved the
political parties and seized their
propertv. about 100 former
political leaders. like ex-
Premiers Demire I and Bulent
Ecevit, his social democratic
rival, were banned from politics
for 10 years.

Less well-known former
politicians can re-enter parlia-
ment but are prevented from
playing a prominent role in
new political parties for five
years.

In a national referendum last
November an overwhelming
majorirv roted to install Gen-
eral Kenan Ewen. the Chief of
Staff, as President for seven
years.

New elections are to be held
either in the autumn of 19S3 or.
the latest, in the spring of

Veteran politician Cdal Bayar (left) aged 1M, with W*
spiritual heir, Suleyman Demirel.

at

19S4, depending on the speed
with which the appointed con-
sultative assembly drafts new
laws covering political parties
and elections* and assuming no

major adverse international de-
velopments occur.

Most people expect or at least
hope that elections will be held
this year. The consultative as-
sembly has completed work on
the political parties law and has
sect the draft legislation to Gen
Evren’s National Security Coun-
cil. The Council will put the fin-
ishing touches to the draft and
issue it os law. There is also
speculation that the Council
will extend the list of people
who are to be banned from
politics. The final major legis-
lation on the agenda of the Con-
sultative Assembly is now the
election law.

Although politics are still
banned, political activity has
gained in intensity and political

gossip is getting to be as soupy
as the smog embracing Ankara,
said to be' the thickest in the
world. , .

Plans are afoot to iwtve the
two big parties. Mr Deroirel’s
pro-private enterprise Justice
party (JP> and Mr Erevit’s
social democrat Republican
Peoples Party (RPP). umfer
new names. Iq both comps
efforts are being made to find
formulae which will bring about
this rebirth without causing
splinter groups which could
lead to weakness at the pons.

So far, the efforts seem un-
likely to be successful. Many
people want to lead the new
parties and even more want to
determine who the new leaders
arc.

Mr Bayer is said” to -favour
Admire! Bulent Uhotn, tit?
Prime Minister. *s the new
leader of the Right... So, it »
said, do the ruling lOScHfe. Mr
Demirel, on the other hand, U
rumoured to be *g*io*t Admiral
Wuru. wonting the job himself.
Mr Ozal ri reported to be
opposed 10 all formula* except
one whirh will give Wm the top
job. Admiral Ulu>u reportedly
vs that he win form a new
party if he can easure the sup-
port of "modern* Hetmmts”
in both the RPP an d the JP.

In the social

camp, things are .«* worr cea- ;■
fused. Mr Ecevit i* refuting to :
name a successor or even to be
involved with preparation* to -
sdt up a new -pony. . . -
No-one is bothering to ipectt- .'
late about the once powerful
extreme Left or extreme Right
or the pro-Xslamie movement,
the new ectMfJiution does not
permit such currents.

It In not v May to

predict what the future baa fa
store for Turkish politics
because of the Important un-
known clement; Stt-gRtf, which
continues to hold *U tegtatagve
and executive pdtretv.

Wbat tteufayabs 'floci-m!-.
Its attitude toward* the crucial
legislation .fat {Re conduct ot
elections . and the behaviour of
paUtical parties baa not yet
been revealed: Volute* mty
remain the junta 1 * favourite
pastime, but nothing wl& hap-
pen before the Army sets the
rules and telts everyone what
tbeyara.

Dutch take hard line on cable TV

BY WALTER ELUS IN AMSTERDAM

FOREIGN radio and television
companies wishing to transmit
in the Netherlands via cable
will have to satisfy a wide range
of conditions which. In effect,
will prevent them from aiming
programmes directly at the
Dutch market

The new rules. If confirmed,
are likely to depress foreign in-
terest and boost the existing
Dutch “ pluriform ” broadcast-
ing system.

Mr Eeloo Brinkman, the
Dutch Culture Minister out-
lined the regulations in a letter
this week to Mr Ruud Lubbers,
the Dutch Premier. He said that
relays of foreign satellite pro-
grammes through the cable net-
work would have to be carried
out by bona fide broadcasting

in the Nether-

organisations
lands.

Programmes shown should
not have been compiled
specially for -the Dutch market
and should be shown in the
same form simultaneously in
their country of origin. They
zanst be capable of reception by
nil cable viewers and not only
by those paring a special fee.

Most important, any advertis-
ing could not be targeted at the
Netherlands and should not be
spoken or sub-titled in Dutch.
Prices of goods advertised
should not be given in Dutch
guilders, nor should there be
any mention of selling points la
the Netherlands. .

The Minister’s proposals rule
out broadcasting to the general
public of a French composite

channel shortly to be relayed
via satellite to French troops
stationed in West Germany.

The French farces channel is
to be based on a selection of
evening viewing on the three
French stations and was offered
free to the Netherlands. Earlier.
Mr Brinkman had said be had
□0 objection to the French
relay.

On June 3 this year, a Euro-
pean Communications Satellite
(ECS) is to be launched, and
NOS, the Dutch state broadcast-
ing corporation, is to make use
of it to beam “pay TV” pro-
grammes to the Netherlands.

Mr Brinkman claims to have
little faith in the project and
says that Dutch viewers already
suffer from a surfeit of tele-
vision.

Shell to have

right to operate
Troll gasfield

By Our Oslo Correspondent
| NORSKE SHELL, Norwegian
subsidiary of ihe Dutch-Brituh
oil major, should have operating
responsibility for the first stage
development of Norway's giant
Troll gasfield, the energy
committee of the Storting
(parliament) recommended yes-
terday.

The offshore field, originally
discovered by Shell, is one of
'■ the world's largest and is
expected 10 become a major
source of gas supplies for
continental Europe from the
mid-1990s.

The committee proposes that
responsibility for developing
the field should be transferred
to the Norwegian state oil
company, Statoil, around 1990.

Tikhonov signs longrterm
agreement with Belgrade

BY ALEJCSANDAP LEM. IN BfilOltAM

THE SOVrET Prime Minister.
Mr Nikolai Tikhonov, signed a
document on principle* and
guidelines for long-term
economic co-operation with
Yugoslavia in Belgrade yester-
day. A three-year agreement on
cultural co-operation was atto
signed.

Two important contract* were
concluded during MrTHt&oaav's
visit. One concerns Soviet oil
supplies to Yugoslavia in. 1988,
A total of S^Sm tonnea of crude
and oil derivatives valued at
over *Ibu (XWfcn) will be
delivered to Yugoslav oil com-
panies. with an additional lm
tonnes to be contracted later in
the year. This means that total
deliveries In 1983 will be about

30 per cent higher than fa 1988.

: The other contract concerns
the sale of 20 ships and four
r push barges " r for Soviet river
navigation, valued .at flSftm.
This Is in addition to earlier
orders worth JlflGm. The ships
will be built in five Yugoslav
..inland shipyards by 1988.

The. Soviet Prime Minister
stressed bis country’s Interest
in , broadening long - term
economic co-operation with
Yugoslavia and expressed the
readfanii of the Soviet Union
to consider all offer* directed to
that purposo-

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financial .-Times Friday March 26 lyoJ

■ a

Defence of franc
severely depletes
French reserves

BY DAVID HOUSEGOIN PARIS

THE French Government's $6bn
(JMbn) of borrowings last year
from the Euromarkets and from
- Saadi Arabia to- strengthen the
foreign exchange reserves were
exhausted in defence of the
franc In the final weeks before
last Monday's devaluation.

. ‘ The weekly ' statement from
the Bask of France released
yesterday shows another mas-
sive outflow of FFr 15bn
{£l:45bn) of foreign exchange
in the week of March 10-17.

This conies on top. of the loss
of FFr 23bn the week before
and brings the total loss of
foreign exchange since the
beginning of February when
pressure oh the franc began
to build up to about FFr 50bn.

.This is -roughly comparable
to the outflow of foreign ex-
change prior to the June
devaluation.

In the wake of that, some
FFr 15bn flowed back ink)
France as compared with the
FFr 25bn that retained after
the Government's first devalua-
tion of October, 1981.

It ifi too early to say what
the rhythm of inflowing capital
will be after the third devalua-

tion.

- The haemorrhaging of the
foreign exchange reserves
underlies how dependent
France had become on F1MS
mechanisms to support the
franc prior to the devaluation
— and thus in practice how
difficult it would have been for
France to have pulled out of
the EMS without letting the
currency plummet

As . part of the realignment
France has negotiated a borrow-
ing from the EEC facility
reserved for member states
with balance of payments prob-
lems because of high import
bills.

Aon ZMF mission is currently
in France headed by Mr Alan
Whitlome, head of the Fund's
European department, and who
was responsible for negotiating
loans with Britain and Italy in
the late-1970s.

Though the fund's mission is
described as being to carry out
the routine annual French
survey, observers here believe
that k would be difficult to
avoid the issue of a possible
IMF borrowing.

Mitterrand appeal meets
with lukewarm response

BY OUR. PARES CORRESPONDENT

PRESIDENT MITTERRAND’S
appeal for mobilisation of. the
French people In the battle
against Inflation, unemployment
apd the external deficit did not
get much of a responsive echo
from the French press yester-
day. '

“ God, what a bore,” said the
right-wing daily Le Quotidien in
the first sentence of its front-
page editorial on the President's
televised address on Wednesday
night. •

The equally Bight Le Figaro,
headlined its editorial with the'
one word “Nothing."

If these reactions were pre-
dictable from bitter opponents
of the Socialist Government,
they nonetheless point to the
difficulties it wiUHiave in such
a politically _polarised country
In rallying a consensus around
measures involving a drop - in
living standards.

EUROPEAN NEWS

Row breaks | WEST GERMAN merger proposals

The stabilisation measures are
due to be announced today after
a special Cabinet meeting: The
goal of cutting the external
trade deficit by some FFr 40bn
this year and a further FFr 40bn
in 1984 means reducing overall
demand by an amount
equivalent to about 3 per cent
of GNP over both years. Among
the measures likely to be im-
plemented are increases in pub-
lic sector tariffs, “forced”
savings on higher incomes, can-
cellation of some FFr 20bn of
' government expenditure and
higher social security contri-
butions.

After announcing the
measures, the Government is
expected to seek intensive nego-
tiations with unions and
employers before seeking a vote
of confidence on the package
from the National Assembly on
April 8. '

out over

nuclear

spending

By Pad Betts In Paris

A FRESH controversy has
broken out. over French defence
policy Involving the nuclear
component of the Government's
defence programme.

The Defence Ministry refuted
yesterday a report that ap-
peared in Le Monde, the influ-
ential French daily newspaper,
lining that engineers of the
state Atomic Energy Commis-
sariat were Increasingly wor-
ried the Government was trying
to find ways to contain expendi-
tures in the so-far “ untouch-
able " nuclear budget, the most
sensitive area of defence.

These concerns follow a delay
in the current programme of
underground nuclear explosions
jn the South Pacific.

The Le Monde report sug-
gested the authorities were
perhaps considering scaling
down the underground test pro-
gramme to ' concentrate more
resources on missiles, nuclear
submarines and aircraft rather
than on research and produc-
tion of nuclear charges.

M Charles Hernu, the De-
fence Minister who has recon-
firmed this week in the new
French Government, issued a
statement denying any changes
in the underground nuclear
test programme launched in
October, 1981.

EEC reassures
Third World
on aid

By Larry Klinger In Brussels '

M Edgard Plsani, European :
Co mmiss ioner for overseas de- i
velopment, yesterday renewed
his efforts to allay Third World
fears that European Community
aid could become conditional on
the EEC’s “meddling” in the
recipient's internal affairs.

Presenting the Commission’s
broad policy outlines for future
EEC development and food aid,
M Plsani said that should
developing countries reject
EEC efforts to obtain jointly
agreed development strategies,
it was “ obvious that they were
not going to be put on some
sort of blacklist.” Traditional
add to these countries would
continue.

EEC-Asean trade talks, Page 5

Steel giants agree to fresh talks

BY JAMES BUCHAN IN BONN

MANAGERS and union leaders
from West Germany’s battered
' steel industry yesterday moved
; a couple of steps nearer agree-
ment on a new shape for a
sector currently burdened by
heavy losses and overcapacity.

At a conference called by
Count Otto Lambsdorff, the
Bonn Economics Minister, chief
executives of the five main
companies confirmed their com-
mitment to explore co-operation
which, nonetheless, falls far
short of a radical plan for
state-aided mergers put forward
by an independent commission
of experts, or "moderators,” in
January.

The conference was the latest
attempt by Bonn to prod the
companies into delivering plans
for capacity cuts and Invest-
ment in time for March 31. the
deadline set by the European
Commission which must ap-
prove state aid for restructur-
ing European steel.

The economics ministry fears
that other West European
countries, which subsidise their
industries much more heavily,
might use a German failure to
meet the deadline as grounds
for extending their own subsidy
programmes which the EEC

West Germany recorded a
healthy DM 800m (£226m)
surplus In the current account
of its balance of payments
last month. This will rein-
force expectations of a
further strengthening of its
current account this year.

After a small deficit in
January, the overall surplus
for the first two months of
the year was DM 600m, com-
pared with a shortfall of
DM 2-9bn In the same period,
a year ago.

One of the reasons for the
Improvement, however, is a

Commission wants phased out
However, the moderators'
plan, which envisaged state aid
of DM 2bn~3bn (£570m-£860m)
to cover the restructuring costs,
has been, hacked down to a
torso in tense rivalry between
companies which face losses of
that amount this year alone.

Tbyssen and Krupp Stahl con-
firmed yesterday that their
merger talks were far advanced.
The balancing group pro-
posed by the moderators, a
merger of Hoescb, the state-
owned Feme-Salzgitter works
and the traditional outsider of

continuing decline In demand
for Imports under the Impact
of recession. Exports have
afro continued to taper off
compared with a year ago,
although not to. the same
extent

West Germany made a turn-
around to a current account
surplus lut year— recently
revised upwards to DM 8-lhn
—after being lp the red for
the previous three years.
Forecasts of a further
improvement have been a
factor underlying the
strength of the D-Mark lately.

the industry, Kloeckner-Werfce.
has been whittled down to a
mere promise by Hoesch and
Salgltter to examine coopera-
tion.

Kloeckner. which passed
through serious liquidity diffi-
culties in the winter, and has
been censured by the Commis-
sion for exceeding production
quotas, faces having to go it
alone.

IG Metal 1, the chief trade
union, was still yesterday deeply
suspicious of what one observer
called the "decent silence* 1 over
how many jobs will go. The

union said it would reserve
judgment until more Informa-
tion was available.

The regional governments
which took part said they were .
ready to “accompany" restruc-
turing plans but seem bound
to resist Count Lambsdorff’s
demand they foot half the bill.
“ Herr Hero Brahms, of
Hoesch's board, said yesterday
that the talks with Salzgitter
would examine “individual
areas" where production swaps
or concentration was possible
but this would be over the mid-
term.

Bonn is pressing Hoesch and
employees at Salzgitter to bring
in Arbed Saarstahl, the Saar-
land concern, which was only
rescued from insolvency last
autumn through Bonn aid. How-
ever, Herr Brahms said Hoesch
was not a "charitable founda-
tion” and the price would have
to be right.

In an atmosphere of mounting l
irri ration on all sides, Hoesch
has already rejected co-opera-
tion with Kloeckner. However,
Count Lambsdorff made dear
that under the pressure of time
his ministry had fallen b3ck
from its original hope of mer-
gers all round.

Hungary produces first division scandal

BY LESLIE COL ITT IN BUDAPEST

THE GREAT Hungarian football
scandal Is proving to be eevu
better entertainment to this
soccer-mad. country than the
Hungarian film which inspired
two betting syndicates to rig
soccer matches and swindle the
state football pool, Toto, out of
millions of forints.

Last week, 196 players and 13
referees were suspended,
allegedly for taking bribes and
fixing games. This followed Che
arrest of 26 people charged with
swindling some 30m forints
(£489,000) out of the Toto pool
by rigging second and third
division games last summer.
Their undoing was to submit
consecutively numbered Toto
coupons with ail the correct
scores plus the bonus payment
score.

Hungarian officiate bemoan
the moral decay which has been
brought to light by the scandal.
The man in the street, however,
appears well hardened. One
amateur Budapest sociologist
said ordinary Hungarians are
simply jealous of the legions of

well-heeled citizens who have
illegally become forint multi-
millionaires:

This widespread cynicism was
nurtured by the self-styled king
of the Toto swindlers when be
was interviewed on Hungarian
television. He accused an under-
cover potioeman who had
infiltrated the betting syndicate
of having “ made a pile '* on the
fixed games.

Hungarians strongly suspect
that match rigging and bribes
are not confined to second and
third division football. In fact,
the weekly magazine of the
Young Communist League
quoted a former player who
claimed his first division
Budapest team, Fereocvaros,
won the championship two
seasons ago with the aid of
fixed scores. He cited
Ferencvaros’s 2-0 win against
Ujpesti Dozsa, the lean
sponsored by the police and
public administration.

Despite the disclosures, Hun-
garian fans are still convinced
a “fur coat,” the local term

for a cover-up, has been spread
over the meatiest portions of
the affair. First division teams
are rumoured to have fixed
scores in the past to prevent
certain teams from dropping to
the second division.

Mr Gyoergy Szepesi, presi-
dent of the Hungarian Foot-
ball Association, admitted his
organisation had hesitated to
intervene although fans had
long talked of the existence of
suspect practices. He said the
association would have to act
firmly in the future if matches
reveal “ markedly dispirited
play ” which cannot be
explained.

One Budapest weekly offered
a farther reason why the top
teams played with such lack-
lustre— the fact that talented
players in the lower divisions
earn more titan they would in
the first division.

Their sponsors, factories and
cooperative farms, give the
players “ fictional jobs ” at high
salaries which they never per-
form. They are obliged to

appear for training only three
or four times a week.

The coach of Fercncraros, Sir
Dezsoe Novak, noted that when
his players earn 5,000 forints a
month (only slightly above the
average wage) it was impossible
to induce young players to
leave the countryside where they
earn up to 8,000 forints.

Another team official, how-
ever, described a common prac-
tice by which first division
players boost their income
while on foreign tours. A .
player, he noted, buys a pair of '
football boots in the West for '
the equivalent of 300 forints a .
pair. Back in Hungary he sells
them «o the secondhand shop
for 800 forints. The football ,
team then buys back the boots
for L200 forints and presents
them to fbe player.

Yet another first division
perk, he explained, is for the
team's sponsor company to rent
a flat for the player at 8,000
forints a month and then write
it off as “ workers' hostel accom
modation.”

Gromyko is
named first
deputy
Premier

MOSCOW— Mr Andrei Gromyko,
the Soviet Foreign Minister,
was today named First Deputy
Prime Minister by the Presi-
dium of the Supreme Soviet,
Tass news agency reported.

Mr Gromyko, 73, becomes the
third First Deputy to Prime
Minister Nikolai Tikhonov. The
others arc: Mr Getdar Aliyev.
59: and Mr Ivan Arkhipov, 75:
though the latter is not a
member of the ruling Com-
munist Party Politburo-
Mr Aliyev's appointment as
First Deputy Prime Minister
last November came only two
days after he was named a full
member of the Politburo and
caused speculation that he was
being groomed to succeed Mr
Tikhonov.

Shortly after the announce-
ment of bis appointment, Tass

said Mr Gromyko had received
a personal envoy of the Alger-
ian President. The Tass dis-
patch on the meeting referred
to Mr Gromyko os Foreign
Minister, lndacting be continued
to hold that post.

The announcement about Mr
Gromyko came on the same day
that Soviet sources reported
that Mr Yuri Andropov, the
Soviet leader, was suffering
from heart and kidney problems
and has been unable to attend
to his duies for more than a
week. The reports could not be
officially confirmed.

Portugal

devalues

THE REALIGNMENT of cur-
rencies within the European
Monetary System on Monday
provided the excuse for this
week's devaluation of the
escudo by an average of 2 per
cent, accompanied by an upward
adjustment of 1 per cent in the
monthly M crawling pec ” de-
valuations.

The adjustment of the Portu-
guese currency— weakened by
fierce domestic Inflationary
pressure and loss of export
competitiveness — was long
overdue.

The devaluation was accom-
panied by an equally necessary
increase in commercial bank
interest rates. On deposits of
more than one year, the rate
was raised by five percentage
points to 28 per cent, the first
interest rate higher than the
inflation rate in more than two
years.

V / C a

, M S',\

Financial Times Friday Mwcfo 2$

OVERSEAS NEWS

Lebanon sets
deadline for
pact with Israel

Mark Baker in Peking and Alain Cass in London take the temperature of Sino-Soviet relations >

Peking warmer, still fairly chilly in Moscow

BY NORA SOUSTANY IN BEIRUT

LEBANON has set April 2 as a
deadline for an agreement with
Israel on U.S. proposals ham-
mered out during a recent visit
to Washington by Mr Eiie
Salem, the Lebanese Foreign
Minister, and Mr Saeb Sal am,
the former Prime Minister.

A Government official was
quoted by the state-run media
yesterday as warning that, by
April 2 at the latest, “Either
agreement is reached on the
basis of provisions under review,
or Lebanon will have to think
of other alternatives.”

The Lebanese ultimatum
served notice that its patience
was wearing thin over Israeli
foot-dragging on an accord to
pull troops out of Lebanon.
Major sticking points remain,
such as Israel's insistence on
observation posts and joint
mobile patrols with Lebanese
forces inside south Lebanon.
Another Israeli demand, on
which the Lebanese Government
refuses to budge, concerns the
re-integration into the Leba-
nese army of the breakaway
army commander Major Saad
Haddad.

Major Haddad rebelled dur-
ing the 1975-76 civil war and
formed his own border militia.
His estimated force of some
1.200 men grouping Christian
and Moslem Shi’ite elements is
supplied by and under direct

orders from Israel.

Mr Philip Habib, the special
17. S. presidential envoy, has
been shuttling between Beirut
and Jerusalem to muster sup-
port for the latest U.S. pro-
posals.

Israel is said to have agreed
in principle to a Lebanese army
role in the security zone in
south Lebanon, but has asked
that Major Haddad and his
militia remain in charge of the
zone after being incorporated
in the Lebanese regular forces.

President Amin Gemayel of
Lebanon a^.d his army com-
manders have been infuriated
by what they describe as an
Israeli-inspired campaign to dis-
credit the Lebanese armed
forces.

Mr Yitzhak Shamir, Israel's
Foreign Minister, said in Wash-
ington last week that it would
take the Lebanese army two to
three years to be strong enough
to establish control in the south,
during which time Israel should 1
maintain a military presence'
there.

Mr Salem has said the U.S.
has two weeks to convince ;
Israel of Lebanon's credlbiliJy
in maintaining security. Failing
that, Lebanon might opt for a
new course. Deployment of
Lebanese regular troops in the
south is believed at the moment j
to be a last resort

QIAN QICHEN. the Chinese
Vice Foreign Minister in charge
of the delicate negotiations with
, the Soviet Union, is a man of
! few words. An urbane, career
diplomat, he uses them spar-
ingly and to good effect.

When he left lor Moscow on
February 27 to resume the
latest round of talks aimed at
easing the 20-year-old feud be-
tween the two Communist
powers, he said: "The weather
in Peking is not so cold now.
I hope the weather in Moscow
is not so cold.”

On his return to Peking he
declined to comment on the
weather. One interpretation
could be that spring will be
late in coming to both Peking
and Moscow. Another is that
the thaw In relations between
them will take even lovter.

Little tangible progress has
been made in the talks, which
began last October following the
first overtures by the late Soviet
leader Mr Leonid Brezhnev.
Qian appeared to confirm this
view when he added that there
were “no new developments” to
report Further talks, he
merely said, would be held in
due course in Peking,

To the Western eye, the Sino-
Soviet talks might look like a
glacier, frozen solid in mutual
suspicion and moving imper-
ceptibly. if at alL

There is enough evidence to
satisfy both those who claim
that no real progress is being
made, and those who see an
inexorable trend towards even
tual normalisation.

The former point to the fact

that, after the fanfare of good
words had subsided, the nego-
tiators were left to tackle the
three problems which, at root,
are insoluble: Moscow’s bank-
rolling of the Vietnamese inva-
sion of Kampuchea, the Russian
invasion of Afghanistan and
the presence of lm Soviet troops
along China's northern borders.

While both countries stand
to gain enormusly from an end
to the rift which has split the
world communist movement for
more than two decades, it is
argued that what are now on
the table are questions of
regional and global power in
which both sides have too
much at stake to make con-
cessions.

Beyond that, China appears
to be demanding tangible
military concessions from the
Soviet Union in return for a
somewhat amorphous promise
of friendship.

A different view is that while
the deeper issues remain in-
tractable this is not surprising.
Indeed, neither side expects
rapid progress on what China
has publicly called “the three
obstacles " to improved rela-
tions.

The “ three obstacles.” in
fact are useful precisely
because they are problems which
are hard to solve. They can
therefore be conveniently nsed
by both sides as reasons to pro-
long the talks while making
progress in other, apparently
less significant areas, steadilv
weaving ties to bind them
closer together.

At the same time as the

“ consultations “ in Moscow
were running into apparent
brick wails, for example, inde-
pendent teams of Chinese and
Soviet negotiators were putting
their signature to a deal in
which trade exchanges between
the two countries would rise
250 per cent to SSOQm this year
— -the highest since the cariy
1960s.

Trade has been a political
barometer between the two
countries in the past. It slumped

to a total of about $ 2 i 0 ui in
1981 after China attacked l he
invasion of Afghanistan. In
addition the major agreement
on cross-border trade, winch
was suspended in 1969 after
clashes between troops, is about
to be re-opened.

China has been quietly pre-
paring ihe ground for an im-
provement of relations with
Moscow m other areas. One
example is the secret talks held
with Vietnamese embassy

officials tn Bucharest under the
auspices of the Romanian
Govern meat.

Another example was the
presence, for the fit’s t timr. in
Peking last autumn of the pro-
Moscow French Communist
Party leadership at the 12th
Chinese Communist Party Con-
gress.

Beyond Hits, there i* the tact
that relations with the oilier
superpower, the US., have
changed, fen years ago. when

Cold comfort in Washington

CHINA'S relations with the
UA have been steadily deter-
iorating since Mr Ronald
Reagan took office in Wash-
ington. Alain Cass writes.
The worsening of relations
coincides with a shift by
China to a more even-handed
foreign policy aimed at
improving ties with Moscow
and Ihe Third World. The
main points of contention
between the U.S. and China
include:

TAIWAN: Peking appears to
have been spoiling for a fight
over this issue ever since the
normalisation of relations
with Washington in 1979 and
the passing of the Taiwan
Relations Act under the
Carter administration, to
ensure continued U.S. sup-
port for Taipei. China
recently objected to U.S.
plans to deliver a record
SL6bn (£1.1 bn) worth of

arms to Taiwan. The issue
remains the single most
Important obstacle to better
ties between Washington and
Peking.

THE ASIAN DEVELOPMENT
BANK: China recently

applied to Join the Manila-
based multilateral aid organi-
sation and is now asking for
the expulsion of Taiwan from
the 4S-member body. The
bank's charter says members
can be expelled only if they
default on loans. The U.S. and
Japan, between them, control
26.8 per cent of the vote as
ADB shareholders and Peking
recently challenged the
Reagan Administration to hack
Its demand for Taiwan's
expulsion.

TEXTILES: Talks to avert a
trade war between the two
countries over the Imposition
by the U.S. of unilateral
restrictions on some Chinese

textile exports ended Incon-
clusively in Peking recently.
China has retaliated by
banning VS. cotton, chemical
fibres and soyabean purchases.
HIGH TECHNOLOGY: China
has been complaining recently
that the Is blocking the
sale of high technology items,
such as computers, badly
needed for the country's
modernisation drive.

President Reagan has banned
US. companies from bidding
for planned Chinese nuclear
power staliomu
BONDS: A row Is brewing
over a I’A court ruling that
China must pay up on some
gold bonds issued in 1911 by
the Hoknang railway. China
has repudiated all pre-
revolutionary debt but the
Reagan Administration could
Insist that Peking repays
$43 .3m to some 200 VJS. bond
holders.

Sino-Soviet relations, ewe k
their lowest ebb. Prctfttent
Richard Nixon opened tit* doer
to China and laid the founds,
none for what appeared then
to be an unahakeaMe slKaiy*
between Wa.sMagitm.ha4 Peking
based, primarily. » matted
suspicion of the Soviet Union.

Today th*ise foundation* have,
been significantly, eroded. The
U.S.'s sharp tun to the Right
under President Ranald Roaun
bar. alienated' China and
accelerated Peking 1 * desire to
mend it fences with Moscow..

• President Reagan's hard-Une.
reinforced by 1M inrasioo «
Afghanistan and'- Ihe. rastf
build-up of Us forces in A***,
has demolished what war left
of the policy of detent*. White
10 years ago Moscow irgtfded
China as irredeemably . hpcjifc
and the U.S. as .a country
with which it could dobstrisesv
in .areas of mutual- interest,
that position > has changed
dramatically.

Soviet invective towards the
Reagan Administration is today
more bitter th» H has been
for 15 yeara wkUe. its tone
towards - Peking has become
conciliatory uven to the point
of hinting that tt might consider
a unilateral troop reduction
along the Chinese border

The pace At which SfefrSnfef
relation* hn prove is MU very
roach an open question. The
balance of relations between
Moscow end the UA is still a
matter ■ ot Undjf debate in
Peking. What can do longer be
at issue Cs_ that, eg Irreversible
process u under any.

Mauritius premier claims
support for government

India and France conclude N-supply deal

BY K. K. SHARMA IN NEW DELHI

PORT LOUIS— Mr Aneerood
Jugnauth. the Prime Minister,
said yesterday that he had
enough support to form a new
Government in Mauritius
following the resignation of 11
Cabinet ministers from his own
party. The ministers resigned
earlier this week, less than a
year after Mr Jugnauth's coali-
tion won every seat in the
island's national elections.

The central committee of the
Marxist-led Mauritian Militant
Movement, the main party in
the coalition, is considering
whether to expel Mr Jugnauth.
Mr Jugnauth is the party's
president; - but Mr - Paul
Berenger, who resigned as

Finance Minister, effectively
runs the movement.

Mr Berenger and 10 other
Cabinet ministers resigned
from the Cabinet this week In
a dispute over a Government
radio broadcast of the national
anthem In Creole. Mr Jug-
nauth and the remaining
Cabinet ministers have taken on
the vacant ministries while the
Prime Minister tries to form a
new coalition.

Mr Berenger, a Marxist who
took part in the 1968 Paris
student demonstrations, has
been sharply criticised for im-
plementing an austerity pro-
gramme to win a new Inter-
national Monetary Fund loan.
AP

INDIA and France have finally
signed an agreement on the
supply of nuclear fuel for the
TJ.S.-built nuclear power station
at Tara pur in Maharashtra
state, bringing to an end a
major irritant In relations
between India and the U.S.

The agreement was signed by
Cogema, a subsidiary of the
French atomic energy commis-
sion, and India's atomic energy
commission a few days ago.
after an understanding reached
at political level

France has agreed to waive
the safeguards stipulated by the
London nuclear club of Western
nations, which require members
to insist on what are known as
“ pursuit ” and “ peroetnity “
clauses.

Had these been Insisted on.
India's Tarapur plant would
have had to be subject to inter-
national safeguards in 1993.
when the 30-year agreement
with the VS. on supplies of
enriched uranium came to an
end. India would also hare had
to account for the spent fuel.
Neither is necessary in terms
of the agreement with France.

The U.S. has not been supply-
ing encirched fuel to Tarapur
for the past two years because
of India's decision not to sign
the nuclear Non-Proliferation
Treaty 1 NPT) and also not to
agree to international safe-
guards as required by laws
passed by Congress. India said
die laws could not be applied
retroactively.

David Marsh adds from Paris:
French officials admitted yes-
terday that internationally
agreed safeguards on the
enriched uranium would apply
only until 1993.

But they insisted that Paris
and New Delhi expected to
start bilateral talks soon to
work out additional safeguards
to be applied after that date.
France's view is that controls
should still apply against the
use of the uranium fuel after
this date for weapon purposes,
a Foreign Ministry official said.
• Mrs Indira Gandhi's govern-
ment faces strong censure by
the Indian parliament following
the disclosure yesterday that
the Election Commission had
advised that the conditions for

holding last month’s deci'ons
in the north-eastern state of
Assam were not • ideal.

More than 3.500 people died
in election violence M Assam,
which has experienced three
years of agitation by students
seeking the expulsion of
“ foreigners “ (mostly Bengal's
from Bangladesh) from the
state.

The Election Commission — a
statutory body for the holdipx
of elections in India— said in a
statement tabled in the lower
house by an opposition leader.
Mr Atal Behari Vajpayee, that
the elections went ahead only
because the administration ;
insisted that polling could be
organised. I

Philippines central bank
acts to help companies

by Emilia tagaza in Manila .

THE Philippine central bank at present, but only 25 per tout
has ordered local commercial of the foreign exchange receipts
banks to reduce their holdings negotiated through thro. The
of U.S. dollars and to raise present figure is 30 per cent,
their peso lending to companies, and the new figure will be
Borrowers have been com- .further reduced to 20 oer cent

plaining about inadequate fin-
ances for their operations and

by the end of the year.

• AWU adds: Earlier .this

high interest rales because, the week, the central bank unveiled
central bank says, banks have a giant raffle scheme, stoning
been building up their foreign next month, designed to double
exchange assets and slowing to |L5bn Its annual foreign ex-
down their peso loans. The change deposits from Filipinos
banks appear to have bt *n tak- working abroad.

log advantage of the dollar's
rising value.

Anyone who uses foreign cur-
rency to buy Philippine pesos at

Under the central bank order, local banks will receive one
which takes effect on April 30. raffle ticket tor each $100 they
banks will be allowed to keep deposit. One hundred people
20 per cent of their import each month wilL win 100,000
financing or letters of credit, as pesos (£7,230) each.

Plant now

Plant later

¥-■

\

'A '

The International Garden Festival -the first of its kind
ever held in this country-will attract 3 million visitors to
Merseyside in 1984. It will create jobs, arouse interest, stimulate
trade and lift hearts.

But that’s only a start..

The Festival will create sites fo^ modem sdence-based
industry. Purpose-built buildings in a landscaped setting on the
banks of the Mersey. To tempt tomorrow’s technology
companies. And secure long-term employment for the area

That’s our aim.That’s why we’re shifting over ten million
tons of earth, silt and sand. So that industry may bloom on
Merseyside.

Regeneration. You can see it happening.

You can even hear it.

Contact Alex Anton-MDC; Royal toBuikiingLhie^ miiiiTiM ” CorDOTBlYTI

ANEW SOUND’S EMERGING ON MRPSFyftTPF

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Financial Times Friday March 25 1983

9 S 6

British last’
policy may go

BY WONG SULONG IN- KUALA LUMPUR

DR MAHATHIR MOHAMED,
the Malaysian Prime Minister,
yesterday fold Parliament be
was. considering' withdrawing a
personal directive that in-
structed Government depart-
• meats to accord the- lowest
priority to British goods and
(smiracCs. -

Speaking on the subject for
the first' time in the legislative
assembly, be told an opposition
member ' that he would bring
the matter to his cabinet for
. Xheir views. .

The Malaysian leader said
there had been “ a positive
change" in British attitudes
towards Malaysia since he im-
posed the “ Buy British Last "
directive in October 1981. The
directive -was ordered by Dr
Mahathir, who was angered by
what he saw was The persistent
insensitive and patronising atti-
tude of British- Government
. officials and . businessmen
•: towards Malaysia, and their
lack of appreciation for Malay-
sia’s New Economic Policy.

Earlier in the month. Dr
Mahathir was in. London and
met Mrs. . Thatcher. Another
positive factor' was Britain's
decision to grant an extra £46m
-over the next three' years for

scholarships to foreign students,
especially Malaysians, hit by
high fees at British universities.

. Senior Malaysian officials
said after the meeting in
London that it was quite dear
that Dr Mahathir would want
to abandon his directive, but
stressed that the Malaysian
leader would still expect
Britain to continue to demon-
strate its sincerity in wanting
to treat Malaysia as an equaL

The officials point out there
is much good will towards
British products, and the cur-
rent favourable exchange rate
would place many British
tenders in an advantageous
position if bilateral political
ties are on an even keeL

Implementation of the New
Economic Policy is a major
problem for Dr Mahathir. Intro-
duced shortly alter racial riots
of 1989. it aims to eradicate
poverty and transfer 30 per cent
of the country's corporate
wealth to the politically domi-
nant and 1 economically under-
privileged Malays by 1990.

An additional factor Is the
need to preserve the confidence
of the Chinese community in
the face of growing Moslem
f undame n talism.

British Shipbuilders win
£25m Ethiopian order

BY ANDREW F£HBL SHIPPING CORRESPONDENT

BRITISH Shipbuilders has won trading. They will operate
a much needed £25m export mainly between the Red Sea
order from' Ethiopia.' The loss- and northern Europe and will
m akin g group, which is state- be able to carry general cargo,
owned, is to build two general bulk cargo and containers.

purpose cargo carriers of 10.500 “This is good news for the
deadweight tonnes for the industry,'* said Sir Robert
country. ■ Atkinson, BS chairman. “ It

The work will be carried out ^ MPj® £*»*«?. ““gj
at Austin and Mckersgill, the oeeded work. The stops vati
Tyneside yard. The ships are be fee first ever built in the UK
for delivery in fee second half f0r Ethiopia.

of 1984 to Ethiopian Shipping
Lilies of Addis Ababa.

BS said fee contract had been
won after nine months of

BS, which is expected to lose negotiation, against strong
between £5Qm ana £70m in the worldwide competition. Clark
current financial year to Man-ti Hawthorn, another BS . sub-
31, 1983, has been striving to sidiaiy on the Tyne, will supply ,
win new business during the ooe of the new fuel-economy ;
world slump in merchant Sulzer engines of Swiss design

shipping.

Last week, it told unions that

for each ship.

BS merchant yards currently

rial strain on BSJ‘

order brings merchant orders

The ships will be versatile up to around £650m, still down
and suitable for worldwide on a year ago.

UK company agrees China
straw building project

BY JAMES McDonald

A BRITISH company has
reached an agreement with
China under which two factories
near Peking will be producing'
early next year building
material panels . .made of rice,
and wheat straw by the com-
pany’s unique straw conversion
process. '

Each of the ...pious will cost
between £lm and. £L5m and
each will produce annu a lly
about 500,000, sq‘ metres of rice
or wheat : strawboard— sufficient
to build 2,000 low-cost homes of
65 sq metres area per home.

Stramlt International of Stow-
market. East Anglia, has spent
three years persuading Chinese
authorities of the effectiveness
of its system of converting
straw info a- building -board by

means of heat and. pressure, but
.without any external bonding
agent.

- The negotiations involved
showing a Chinese delegation
the system at work in a Thailand
factory.

The btramit process was
invented in the early 1930s in
Sweden and taken up in I
England in the 1940s.

At the heart of the process is
the fact that straw, subjected to
reasonably high temperature
and pressure, releases its own ;
internal resinous bonding !
agents. This makes it possible
to extrude a continuous build-
ing board without the addition ;
of resin or any other bonding ,
agent, except for glue used on
paper or cardboard liners to fee
. board.

Jamaican exchange rules
upset Caricom trade

BY CANUTE JAMES IN KINGSTON

TRADE ^between the larger
members of. fee Caribbean Eco-
nomic Community '( Caricom 1
has been brought to a stand-
still by a row over new foreign
exchange arrangements im-
posed by fee Jamaican Govern-
ment- Manufacturers in
Jamaica, Barbados and Trini-
dad and Tobigo say orders are
being cancelled and no hew
ones being placed as a conse-
quence of fee - Jamaican
Government's derision to im-
pose a twotiered foreign ex-
change system in early January.

Imports from fee other II
mexnberr. of the community ere.
being bought by Jamaican
traders at a higher and floating
level of exchange, currently
about Jamaican $2.63 to the
U.S. dollar: The Jamaican
Government is carrying out
some transactions, such as -the
purchase of basic foods, drugs
and petroleum at fee lower
(official) rate of Jamaican 52.78
to the U.S. dollar.

The otner Caricom eoun'.ries
—hut mainly Barbados and
Trinidad ' -and . Tobago — have

argupd that their goods are
being offered to Jamaican con-
sumers at uncompe Li lively
high prices.

The anger in Barbados was
painfully illustrated to the
Jamaicans when fee admini-
stration of Mr Tom Adams, the
Prime Minister, decided to float
the itorbadia.i dollar against
the Jamaican dollar ih an
transa::ions between the two
islands

Mr Konre Barber, fop
RiiVO'rwr' of fee Jauiaic-n i
Central Rank, accused Barbados ;
of ' discriminating against
Jamaica. He claimed feat fee i
action violated rules concern-
ing relations between members
of fee International Monetary

Fund.

Protests from traders in
Trinidad arm Tcbago wn*
answered when the Government
of Mr George Chambers im-
posed a licensing system for
gooas from other CarJrom ,
countries. It is expected here |
that Jamaican goods will be
: particularly hard hit.

MALAYSIA— BRUNEI

Major.-UK' construction company with established Malaysian
subsidiary offers’ assistance and advice to those considering
commercial or industrial development in Malaysia or Brunei.
Contact David C. Whitmore, Henry Boot International Limited,
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Japan

denies

WORLD TRADE NEWS

. i- EEC beats off Asean

forcing charges of protectionism

price cuts BY JOHN WYLES IN BANGKOK

By Michael Thompson-Mod In

Sydney

Australia's deteriorating rela-
tions with Its maid trade
rnslojtner, Japan, were marked
yesterday by a denial by
Japan’s new ambassador to
Australia. Mr Kensnke Yana-
giya, that Japan had deliber-
ately overestimated its import
needs of Australian raw
materials so as to force price
cuts.

In Tokyo this week. Austra-
lian coal companies are being
asked to accept steep price
cuts of between AS8 and A$10
(£4.64 and £5.80) per tonne
on present contract levels,
following reduced demand

Mr Yanagiya, formerly

Japan's ambassador to China,
said yesterday : “ Unforeseen
disruption can happen and
foree changes. This is una-
voidable. Bnt it would not be
appropriate to conclude there
is a deliberate attempt on the
demand side for a bargain."

Meanwhile, in Canberra yes-
terday, the leader of the
National Party, Mr Doug
Anthony, said that the
planned showing on UJ5. tele-
vision of a film — Goodbye
Joey — which alleges wide-
spread cruelty In Australian
efforts to cttfl kangaroos,
could jeopardise Australia's
A$500m-a-year beef trade with
the VJS.

THE EUROPEAN Community
yesterday beat off allegations by
the five nations of fee Associa-
tion of South East* Asian Nat-
ions (Asean) that protectionism
was gathering strength in
Europe. The allegations were
made at top-level talks in Bang-
kok attended by no fewer than
seven EEC foreign ministers.

This gathering of ministerial
stars is expected to agree today
with their Asean counterparts
on important political declara-
tions covering both Kampuchea
and the Middle East.

This meeting underlines the
widening areas of agreement on
global issues between the
world's largest and richest

regional grouping and its
flourishing Asian counterpart

Relations ' between fee EEC
and Asean, have been strained
by the Community's muscular
insistence on curbing textile
imports from fee area during
last year's negotiations on a
new multifibre arrangement At
the some tune the Asean mem-
bers — Malaysia. Thailand.
Singapore, the Philippines and
Indonesia — have become in-
creasingly bitter about their
inability to increase their
agricultural exports because of
the Common Agricultural
Policy’s protective levies.

Opening speeches from the
Asean side at fee two-day meet-
ing pointed to a determined

attempt to attack the Com-
munity on the trade front. The
assault was successfully de-
flected by an effective speech
by Herr Wilhelm Haferkamp.
the European Commission
president.

Mr Francis Pym. the British
Foreign Secretary, and several
of his EEC colleagues waded in
later to deny any slide by fee
community into proiectionsm.
But it was Herr Haferkamp's
speech which diplomats felt
prompted fee Asea ministers to
bold, thetr fire.

He reminded the Asean dele-
gations that the EEC takes 28

per cent of all its exports from
the Third World — twice as
much as Japan, a quarter more

Thai Prime Minister Prem Tlnsnhmonda (centre) opens
Asean-EEC meeting. With him are West German Foreign
Minister Hans-Dletrirh Genseher (left) and his That
counterpart Siddhi Saveslsilo.

than the U.S. and seven times does the UJS. and nearly four
more than the Comecon coun- times as much as Japan. The
tries. ratio of manufactures in Asean

The Community, he said, im- exports to Europe has risen
ported two-thirds more manu- from 25 per cent in 1973 to 44
factored goods from Asean than per cent in 1981.

Asia-Pacific trade ministers meet in Hobart

BY MICHAH. THOMPSON-NOEL IN SYDNEY

THE POSSIBILITY of con-
certed trade action by countries
in the Asia-Pacific region will
be discussed at a conference of
ministers, senior officials and
business leaders starting in
Hobart, Tasmania, today.

The conference will assess
fee growing tendency of coun-
tries in fee Western European
and North American trade
blocs to resort to non-tariff and
“ informal ” -trade restrictions.
It will also discuss bow coun-

tries in fee region might co-
operate to ** avert a breakdown
in the international system of
trade and payments."

Ministerial representatives
are expected from Australia
(which is host], Singapore, New
Zealand, Malaysia, fee Philip-
pines, Hong Kctig. Thailand,
South Korea and Papua New
Guinea.

•Other countries represented
include the US.. Canada. Indo-
nesia and Japan, while China

is sending its ambassador.

Australia’s senior represen-
tative is the new Deputy Prime
Minister and Minister for
Trade, Mr Lionel Bowen. How-
ever, the new Labor Govern-
ment in Canberra is more
overtly protectionist than its
Liberal-National Party prede-
cessor, and has said feat
Australia has no intention of
reducing its own trade barriers
wbile unemployment (at pre-
sent 10.7 per cent) remains

high.

Mr Hugh Corbet, director of
fee London-based Trade Policy
Research Centre, which is
organising fee conference,
denied feat the new Australian
Government’s trade stance was
an " embarrassment ” — and
denied, too, feat fee Hobart
conference would prove yet
another talkfest.

Potentially, the western
Pacific region poses ses consider-
able trade clout. From Japan

and China in the north, to
Australia ani New Zealand in
the South, to Malaysia and
Singapore in the West, the
region ha hours several muscu-
lar manufacturing economies.

The region accounts for
about 32 per cent of the world's
population, more than 16 per
cent of world GNP, about 16 per
cent of world exports* — with
Japan dominatinp->and has rich
energy, mineral and farm
resources.

a<r many as 9,000 more redund- have export' contracts for Brazil,
andes - may be ' required this Canada, Cuba, Greece, ■ Hong
year if orders did not pick up Kong. Kenya, New Zealand and
sufficiently. . • Hie Ethiopian Panama. Together, they account
"-order ; while welcome, will -not for' 4D-per cent of -the -total-
do much to alleviate fee ffnan- merchant order book. The latest

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6

AMERICAN NEWS

Byrne
pulls out
of Chicago
race again

By Nancy Dunne, In Washington
MAYOR Jane M. Byrne will not
seek re-election as mayor of Chi-
cago.

Despite her earlier insistence
that Chicago voters "know how
to write,'’ Mayor Byrne withdrew
from the race late on Wednesday
after the city’s election board re-
jected her attempt to have the
write-in voting process simpli-
fied.

The mayor, who lost the
Democratic primary in February
to Mr Harold Washington, a
black congressman, had failed to
gain any support from national
or local Democrats.

Her latest - and presumably fi-
nal - withdrawal leaves the race
a two-way battle between Mr
Washington and Mr Bernard Ep-
ton, a Republican Jewish
millionaire . Mr Washington ap-
pears to be the leader in the
overwhelming Democratic elec-
torate, where more than 40 per
cent of the voters are black.

Mr Eptan, who has launched a
vigorous advertising campaign
attacking Mr Washington's con-
viction for fniiivip to file income
taxes for four years, is expected
to capture the white falacklash
vote, now that Mayor Byrne is
out of the race.

REAGAN CHANGES TACK ON ZERO OPTION

U.S. plans new arms limit offer

BY BRIDGET BLOOM IN WASHINGTON

THE U.S. is preparing to launch a
new initiative at the stalled Geneva
talks to limit nuclear missiles in Eu-
rope.

It is understood that President
Ronald Reagan has now agreed to
proposals which would put a ceiling
on the number of medium-range
missiles which the two superpowers
could deploy in Europe.

The proposals, which are expect-
ed to be introduced by the UJS. del-
egation at the Genera talks within
the nest few days, come after sus-
tained pressure from key Nato gov-
ernments anxious to see the U.S. re-
gain the initiative from the Soviet
Union on the missile issue.

The proposals represent a
marked departure from the so-
called zero option which has been
the US. position at the Geneva ne-
gotiations since the talks opened in
November 1081.

The zero option calls for the So-
viet Union to dismantle all of its ex-
isting medium-range missiles, in-
cluding about 350 SS20s, in return
for the non-deployment of 572 new
XJS. cruise and Pershing 0 mis-
siles.

However, the new UJS. plan is
said to propose that both sides de-
ploy no more than 100 missile-
launching systems, carrying no
more than 300 warheads.

This would mean that deploy-
ment of the new cruise and Per-

shing missiles would begin as
planned at the end of this year but,
provided the Soviet Union disman-
tled a matching proportion of its ex-
isting missiles, UJS. deployment
would not exceed the agreed ceil-
ing.

Effectively such an accord would
involve ILS. deployment of 300
single-warheaded missiles against
the planned total of 572, while the
Soviet Union would be required to
reduce its present estimated 350
SS20s to 100. since each S520 car-
ries three warheads.

Under present plans, Mr Paul
Nitze, leader of the U.S. delegation
in Geneva, is expected to table pro-
posals at the final session of this
round of the missile talks early next
week.

President Reagan has said that
he will address the nation on arms
control on- March 31. It is expected
that he will give some details of the
new proposals which he will prob-
ably explain are for an interim solu-
tion and do not mean the zero op-
tion will be abandoned.

The U.S. offer, which has appar-
ently been the subject of painstak-
ing bargaining within the adminis-
tration. will be made largely in def-
erence to the wishes of Nato gov-
ernments in Europe, led by Britain.
West Germany and Italy where the
first missiles will be deployed.

European governments have ar-

President Reagan

gued that the zero option is no long-
er realistic. The hope in Europe is
that with the re-election of Chan-
cellor Helmut Kohl in West Ger-
many, the Soviet Union would real-
ise that Nato will begin to deploy
the new missiles- That should pro-
ride Moscow with an incentive to
negotiate seriously.

Washington's European allies al-
so have domestic reasons for want-
ing the UJS. to take a new initiative
in the talks. They believe that politi-

cal opposition to the new missiles
will strengthen, as the date for actu-
al deployment approaches.

However, while these concerns
are now recognised bv the adminis-
tration there is very Little optimism
here that Moscow will respond fa-
vourably to the new offer.

On the contrary, there seems to
be a widespread conviction that no
agreement on medium-range mis-
siles will be passible until deploy-
ment has actually begun, and
maybe not even then.

Partly for this reason the Penta-
gon originally opposed the idea of a
new US. offer.

Officials believe that Moscow
considers it bas more to gain mili-
tarily and politically by not agree-
ing to ceilings □□ medium-range nu-
clear missiles at this stage.

The Pentagon bas now apparent-
ly agreed, though without enthu-
siasm, that the new offer should be
made.

It is understood that the new of-
fer would not put a ceiling on the
number Of nuclear capable aircraft
that each side could have in the
medium-range category.

The offer would also allow each
side to determine which type of
missile should be deployed under
the agreed ceiling, so that, for ex-
ample, the L\S. could decide to de-
ploy a mixture of cruise and Per-
shing missiliK

Salvador
aid plan
over first
hurdle

By Reginald Dale, U-S. Editor,
In Washington

PRESIDENT Ronald Reagan's
request lor urgent new military
aid lor the U.S. -becked govern-
ment of El Salvador has over-
come its first congressional hur-
dle, following the Senate sub-
committee approval of an emer-
gency transfer of $60m in emer-
gency hinds.

However, the committee has
attatched some conditions. It
wants a written statement saying
that the number of UJS. military
advisers and trainers in the
country should not exceed the
Administration's self-imposed
limit of 55. 2c also wants assur-
ances (hat the Administration
should take the initiative to
bring about “unconditional dis-
cussions" between the Govern-
ment and left-wing insurgents
about the holding of the elec-
tions.

• Troops of the left-wing Nicar-
aguan Government and right-
wring Nicaraguan exiles bum
Honduras have engaged in heavy
fighting north of Managua, and
Honduras said It was on the
verge of war with Hs Central
American neighbour, AP reports.

It thinks

itisaphone.

It thinks.

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an average phone system. Behind BritishTelecomS
Merlin* business phone systems is a brain.

Ife a cleverly programmed computer sitting
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command until its free Or dial- your New York office
at the tap of a few digits. Whafs more, it will allow
you to bypass the operator on any call you make
This same brain refuses to take no for an
answer.

Lets say a customer calls you and you’re not at
your desk. With your present phone system it could
mean a’deacT call. With your new phone system you
can set your calls to ring at another extension, or
even ring round a pre-selected groupThe'deacfcall
is a thing of the past It takes orders without question,
like an impeccable micro-chipped valet

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do what they’re paid for. And that isn't spending
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Financial Times Friday March 85 1983

Reagan proposal for
new ABM system
gets frosty

BV REGINALD DALE, U.S. EDITOR, IN WASHINGTON

PT4

DEMOCRATS YESTERDAY react-
ed with scepticism and dismay to
President Ronald Reagan's propos-
al for a massive new anti-bail istic
missile system to end the threat of
nuclear war by the year 2960.

Explaining Mr Reagan's plan,
launched in a nationally televised
address on Wednesday evening. Ad-
ministration officials said that such
new technology os lasers, micro-
waves and particle beams had
made such a system possible- A sys-
tem based in orbit around the earth
ivas also feasible, they said.

The general reaction from any-
one remotely left-of -centre was first
that the system was technically un-
workable and second that it couM
only fuel the arms race with the So-
viet Union.

Mr William Jackson, a defence
expert at (he Democratic- leaning
Brookings Institution, said that
such a system would newer work in
the nuclear age “because of the de-
cided advantage the Offence has
over the defence and offensive
weapons over defensive weapons.”
Even assuming such a system could
be developed, "tho Soviets are
bound to read this as preparation
for a first strike." he said.

Even some Republicans were cri*
ticaL Senator Mark Hatfield, a mod-
erate Republican from Oregon, said
that Mr Reagan had, m effect,
"called for the militarisation of the

lost great hope ter uuemtion al co-
operation and peace - outer spare. -

Mr Robert McNamara,: the ter-
mer Defence Secretary; described
Mr Reagan's plan wlttersRy pfe m
the sky.” Ha said that bt . would
strongly support wrmaa out re-
search. but that the UJS. bad been
working unsuccessfully on anti-bal-
listic missile technology ter thapast
35 years and he did not tbtefctnatit
could succeed lit the nextafi.

: Senator Alan Cranston df CfctUaf
nil. a long-shot Democratic hopeful
for the presidency crid en ardent
anti-nuclear campaign** raid that
Mr Reagan had gam <m tofcriut»
“to try to scare the Anarieaa people
and Congress tote spending more,
money than Is nerewtoy to defend
our country and OUr aHta" '

The proposal w« also atuckad
by -Sena tor Gary Hart of -Colorado,
another official contactor lor toe
Democratic prwJdwtiai , nomina-
tion. who called it Contrary to 30
years of policy in arms edntrot "ft's

tudtTSto? we cm Win a cudrar
arms rare. 1C* vnq? destabilising.’
he said. .

Mr Keegan's 1 speech was wel-
comed by ta right-wing Heritage
Foundation, which soft that it
would haw preferred «a own
stronger statement ,

Ecuador strikers press
to overturn measures

BY SARITA KENDALL tN QUITO

ECUADOR'S trade union landers
say the general strike which has
brought the country to a bah since
Wednesday will continue indefinite-
ly unless the government agrees to
meet a 10-point list of demands.
This Includes the annutept of recent
economic measures, substantial
wage increases and the n&tioMiisa-
tion of foreign banks and exchange
houses.

The unions have also, called on
Congress to censure the Govern-
ment's economic policy and revoke
lost weekend's 21 per cent devalua-
tion. But the President of Congress
said a special parliamentary ses-
sion might exacerbate the political
situation and provoke an extreme
right-wing coup.

Offices, banks, shops and facto-
ries continued shut an the second
day of the strike, while marches,

protests and barricades made it Im-
possible for traffic to use the capi-
tal's streets. .

There were violent dashes be-
tween police and rioters in many
areas and a student was shot and
killed .

The main cities were quieter than
expected and groups of strikers
played football as they tended burn-
ing tyres tt; ttteln intersections.

So far r taG<tariuaent has given
no sign of baddngtfown an the eco-
nomic package, designed toi allevi-
ate Ecuador's balance of payments
and foreign debt crisis, but there
have been several sessions of talks
with union representatives.

Accused of endangering Ecua-
dor’s four-year old democracy,
strike leaders said the solution lay
in the hands of the Government
and Congress.

EEC ‘should strengthen
ties with Latin America 9

BY HUGH O’SHAUGHNESSY, LATIN AMERICA CORRESPONDENT,
IN LONDON

THE EEC, with its prospective new P r Ma rio ti, who is about to quit
members Spain and Portugal, . the EEC mission in Caracas to be-

shouid join Latin America in a
strategy to roll back recession and
relaunch the world economy, says
Dr Manfredo Marioti, head of the
EEC permanent delegation, to Latin
America, in a paper published by
the Atlantic Institute for Interna-
tional Affairs.

The two regions, he says, "offer
the world in general and the Third
World in particular the third way*
which so many developing nations
are striving to foster against severe
odds.”

Tor the first time since the in-
dustrial revolution, there seems to
be no clear model for development
in sight Both capitalism - as ex*
pressed for example, by Republican
UJS .A. - and communism - typified
by Soviet Russia - appear unsatis-
factory models for the world," he
comments.

come the Community's envoy to In-
dia, calls for immediate action in
four areas while the longer-term
strategy is being worked out

He suggests the convening of a
top-level political consultation be-
tween the leaders of the two re-
gions on such topics aa the North-
South d ia l og ue and Central Ameri-
ca. The European Community
should secondly support those Lat-
in American economic integration
efforts which are looted In partis*'
mentary democracy and respect for
human rights.

Tim third initiative should be the
Sponsorship by the EEC .and the
SELA (the Latin American Eco-
nomic System), based in Caracas, of
contacts between business and
trade, investment, technology, fi-
nance. insurance and other key sec-
tors.

Our new deeply reclining seats in 1st Qqss 'could
tempt you into snoozing oH the way to Dados on our
aoity non-stop ffight.

Vou/re Ihere : however, you’ll wake up to foe

ESdSfZtZZSSSg? 1 h,he ' WB ’ W ’ 1 J * nDf

Ws been voted No. 1 fcxse^nlhjS&ifitSir”

^itTfrhewi^nrj.ir.o£> .r-it i BiiMi Vfca.i -i i MtKfei n.iw

cudanone SKOuas, 5ucn«>uyufcti Re^ni jro hb an mJtV'-i Jnao «wwi i^e» wi mnaa

Th e all-Amerkxri Airline

7

Financial Times.Friday March 25 1983

^ers pi
neasini

MK3

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MX 0

uavK

UK NEWS

Union wins

to choose 9
action

By John Lloyd, Labour Editor \

THE HOUSE of Loris yestaday re*
versed an Appeal Court judgment
which' had upheld the rights work*
ers to join any union.

- The case was seen as crucial for
industrial relations. A
of tiae Appeal Court judgment -
made when Lord-P ennin g was Mas-
ter of the Rolls — would have
breeched the Trades Union Con-
gress (TOC) rule regulating union
.memberships, and preventing indis-
. criminate “poaching”, of members.

The whlte-coilariDikm. Apex, had
appealed against the previous rul-
ing that Mr Ernest Cheall, a Vaux-
hafl Motors security officer, should
not have been, expelled from Apex
because his membership constitut-
ed “poaching."

Mr Cheap had left the white-
collar 'section of the Transport and
General Workers' Union (TGWU) in
1074 to join Apex. He was expelled
in 1078, following an appeal by the
TGWU to the TUC disputes commit-
tee and a TUC instruction to Apex
to discontinue his membership.

In the Appeal Court Lord Den-
ning held that workers' rights to
join the union of their choke was
enshrined in the fixropean Conven-
tion on Human Rights, and that
workers also had the right not to be
expelled from unions without rea-
sonable cause.

Yesterday Lord Diplock said: "My
sympathies are with Mr Cheall but
1 am not in a position to indulge
them.” \

. He said that while public policy
and the European Convention could
be adduced as.being contrary to the
TUC rules, "freedom of association
can only be mutual.”

He said: "There can be no right of
an individual to associate with oth-
er individuals who are dot willing to
associate with him."

He added: "I know of coexisting
rulenf public policy that would pre-
vent trade unions ftt wi i entering in-
to arrangements with one another
which they consider to be in the in-
terest of their members’ bargaining
power with their employers."

Change in that direction would
have to be made by Parliament, he
said. ' Different, considerations
might have applied had Mr ChealTs
job been put in jeopardy. '"

_ Apex said after .tlteju^meftt an
adverse decision jgould .. have ;
thrown the industrial relations sys-
tem into chaps. Mr ChealUs ctrnrid*
ering taking the . case to the Euro-
pean Court of Human Rights.

Current account
back in surplus
but trade worse

BY MAX YflUCWSON, ECONOMICS COft RESPONDENT

BRITAIN'S current account 1 w 1 iitiw»
of payments surplus moved bade in-
to surplus in February, but the offi-
cial figures released yesterday ap-
peared to confirm that trading per-
formance has deteriorated sharply
since the turn of the year.

The nnxpirfr W/Yvnint mnwi| a

small surplus of £42m compared
with a deficit of £3 11m in January.
However, in the three months, De-
cember to February the surplus
was £388m compared with £J.Sm in
the previous three months. The av-
erage monthly surplus in 1982 was
about £330nx

A very sharp move into deficit in
January was considered by officials
to be somewhat erratic. However,
there was considerable speculation
that zt might reflect increased im-
ports needed to rebuild stocks after
the big run-down last year.

This view appeared to be support-
ed yesterday by newly revised
stocks figures which showed a
much increased estimate for the ex-
tent to which stocks were reduced
in the. last three months of 1982.
The latest figure of £482m (1975

Missiles

safety

assurance

By Stephanie Gray

1 DEFENCE SECRETARY Mr Mi-
chael Heseltme yesterday dismiss-
ed the doubts of many U A military
experts that the guidance sy st em
for cruise missiles to be based at
RAF Greenhorn Common were
faulty.

Mr fleseltiae was speaking after
a visit to the Berkshire silo site by
British wd ftweign journalists
ahead of the Easter weekend de-
monstration planned by the Cam-
paign far Nuclear Disarmament -

It would be unthinkable that the
UH. would deploy the missiles if it
did not have the utmost confidence
in them, said Mr HseaMne.

. He said US. Defence Secretary
Mr Caspar Weinberger had assured
him at the nuclear phwning group
netting in the Algarve that test
programmes to which serious guid-
ance, defects were initially dis-
covered were proceeding welL

prices) is larger than the run-down
to any quarter during toe present
recession including the second
quarter of 1981.

Stocks figures for the present
year are not yet available, but even
a slower pace of destocking would
be expected to result in increased
imports and a pick up of manufac-
turing production, both of which
seem to have happened.

The February trade figures show
a large defi cit of £342m on non-oil
trade. This is smalW than the defi-
cit of Elba in the previous month,
but the volume of non-oil imports
continued at a sharply increased
rate, abend 9 per cent ahead of the
average jponthly rate last year.

Exports, however, recovered from
what appears to have been an errat-
ically low level in January. The vol-
ume of non-oil exports in January
was about 1 per cent higher than
the average tor 1982.

Imports of manufactured goods
rose sharply m the first two months
of this year, with the volume in Feb-
ruary 14 per cent higher than the
average for last year.

Tilbury

port

stoppage

spreads

By Bryan Groom
THE CRISIS at toe Port of London
Authority (PLA) deepened yester-
day when 2^00 Tilbury dockers
reaffirmed that their 11-day old offi-
cial strike would continue until they
won their claim for parity with the
basic pay rates of tally clerks.

Meanwhile 2,000 dockers at Lon-
don riverside wharves who are not
employed by the PLA, will join the
strike on Monday. This could
threaten the future of cron? of the
less- financially stable wharves.

Thames lightermen who operate
tugs and barges said yesterday that
they would also join the strike on
Monday. They belong to the same
union as the dockers, t he Tra nsport
and General Workers' (TGWU).

Mr Bill Munday, district official
of the TGWU, said he could not see
an early end to the dispute. The
dockers are not planning to meet
again until April 7.

The cost of the strike so far has
wiped out the £2m to £3m profit tor
which the PLA has budgeted this
year. It is now surviving on a small
overdraft facility allowed by the
Government

If this runs out, the PLA will face
a serious problem. Mr David Ho-
well, Transport Secretary, said be-
fore Christmas that there would be
no more grants to cover deficits.

Ellerman: an empire for sale

sm JOHN ELLERMAN. the reclu-
sive bead of EDennan lines, had
two abiding passions: rodents and
Gilbert and Sullivan operettas. He
disliked the press, was rarely photo-
graphed. arid was often, and not
surprisingly, compared to Howard
Hughes, the U.S. businessman who

also hated publicity.

Sir John died 10 years ago, leav-
ing a £53m fortune and no heirs.

Now, however, details of' loss-
making EUennan T.Itipj: with its
shipping, brewery and travel inter-
ests ore being pared over by likely
purchasers. With the For Sale no-
tice up, the glare of publicity on one
of Britain's largest private compa-
nies is unavoidable. What Sir John,
whose stern and intense features
stare forbiddingly from the pages of
the company’s history, would have
made of it is hard to imaging.

In the days when Britain’s lm-
, mensely rich and financially pow-
, erfui men were more numerous and
seen by the popular press as their
natural quarry, Sir John's move-
meats were closely watched in case
the famous guard slipped and a few
inches of copy could be squeezed
from his activities.

In 1987, toe Daily Express called
him “our poorest camera subject"
He was snapped strolling through a
meadow in Buckinghamshire,
rubber-booted and sw&tched in a
big raincoat, his features pursed in
a scowling expression of his dis-
taste at the photographer’s intru-
sion.

Sir John took ov^r. (he company
when his father, who had founded

Trustees are seeking a buyer for one of Brit-
ain's largest and most colourful private com-
panies, Andrew Fisher reports

it. died in Dieppe to 1933. “It was
the end of a remarkable career,”
wrote Mr James Taylor in his book,
"EUermans - A Wealth of Ship-
ping.” The first Sir John, he de-
scribed thus: "Essentially a man of
his time, he was an individualist, a
commercial giant, and a money-
maker of supreme ability."

The second John Reeves filer-
man was only 23 when his father
died. He inherited a fortune esti-
mated at nearly C40m. But for toe
1930s slump, it might have been
higher. It was more than enough,
though, to guarantee attention from
the newspapers: it was then he de-
veloped his antipathy to them.

Ironically, his father had been
heavily involved in newspapers, in-
cluding toe Financial Times, to-
wards which his business bias had
inclined him. He was the largest
shareholder for 25 years until he
sold out in 1919. At various times,
be also had major interests in the
Daily Mail, The Times and maga-
zines such as Sphere and Tatier.

The son took a far less direct role
in the company than his pioneering
father who had formed it in toe ear-
ly years of this century. The start-
ing point had been his joining of the
board of Liverpool-based Frederick
Leyland in 1892. He then began ex-
tending his shipping activities.

At one time, just before these in-
terests took on toe name of Ellei^
man Lines in 1902 - toe founder's
father was a German. Johann Her-
man EUerman. who had come from
Hamburg to Hull - U-S. financier
John Pierpoot Morgan started mov-
ing into the UK shipping business.
He bought Leyland, but John Eller-
man kept the Mediterranean fleet
and business.

Expansion thereafter was rapid,
wfto Papayamti Line, City and Hall
Lines, Westcott and Laurence Line.
Bucknali Steamship, and Wilson
Line all being added. In toe First
World War, losses were heavy - BO
ships were lost and many others
badly damaged. The fleet rebuild-
ing was still not complete when the
Second World War began.

In that war, as many as 95 ships
were lost But expansion was re-
sumed swiftly. By 1960, the compa-
ny operated 90 ships totalling more
than 600.000 tons. In the 1970s, it
spent heavily on new container
ships and bought the breweries J.
W. Cameron and Tollemache and
CobbokL

Just before his death. Sir John
created two charitable trusts which
own 79 per cent of Ellerman Lines.
His widow, now toe Hon Mrs
George Berwick, is a trustee of the
charities - Sir John was a noted

philanthropist - and owns the other
shares through a Luxembourg com-
pany. Marine Holdings.

Shipping, certainly against toe
background of a fast declining UK
flag fleet, is by no means the
growth industry <t used to be. Re-
cession, over optimistic ordering in
recent years and toe growth of
cheaper cost fleets in the Far East
have all taken their toll of toe
West's merchant shipping strength.

Ellerman, which now has direct
interests in IB ships - almost all big
container vessels - and a number of
charters, has suffered badly in the
shipping crisis. Ever since Sir
John's death there has been talk of
a share Dotation. Recent losses
have blocked this.

The company lost C4Jm before
tax in the first half of 1982, mostly
because of problems on shipping. In
1981, it earned only C2.5m on turn-
over of nearly C217ra. Losses tor all
of 1982 could approach Efim.

Morgan Grenfell, toe merchant
bank which is handling the sale, is
trying to sell all of EUerman rather
than having it split up. The lost big
UK shipping company sold abroad
was Furaess Withy, bought by
Hong Kong's C.V. Tudg Group tor
Cl 13m in 1980.

What EUerman Lines will fetch is
anyone's guess. As a possible pur-
chaser, the highly diversified Brit-
ish and Commonwealth Shipping
has been prominently mentioned.
No reserve price has been put on
the company by the bankers. But a
hefty 1982 loss would shrink its net
worth to about CfiOm.

Ford may refer strike
to conciliation service

BY OUR LABOUR STAFF |

FORD' MANAGEMENT has not
ruled out referring the 16-day old
strike at Halewood; Merseyside, to
the conciliation, services, Acas.

The Transpo rt and General
Workers' Union (TGWU) — which
has now made the strike o ffi ci a l -
has rejected the company's present
offer Of an independent industrial
tribunal to .deride-' the fate of Mr
Paul .Kelly, toe assembly worker

ism le d to the strike 'Mr Ron Tbdfl,
TGWU national officer, will meet
Halewood stewards today.

The muon is demanding Me Kel-
ly's reinstatement text might agree
to a reference to Acas.. The strike
has now cost prodtmtian ot ll^OO
Escorts worth £57;5m at showroom
prices. About. 8,700 of -toe JOjDOO
hourly -paid production workers are
now either laid-off or on strike- %
• The BL factory- at Cowley, Ox-

ford where the new Maestro model
is made is now making more cars
than at any time in the last 10
years. Austin Rover says output at
tiie car assembly plant is running at
4,850 a week.

Cowley is now on course tor
'breaking the 200.000 car barrier for
tiie" first .time since . 1972, when
230,000 were built a spokesman,
said. If toe present rate of produc-
tion is maintained throughout the
year, output will reach 208,275 be-
foretoe Christmas holidays. Output
could be raised even higher if de-
mand for the new Maestro war-
rants it -

- Maestros are bring bu2t at the
rate of 2,000 a week and sales in
Britain in its first month are ex-
pected to reach 8,000. In the three
weeks since Its launch 6,168 Maes-
tro's have been registered in Brit-

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Financial Times Friday March 58-1888.=

UK NEWS

Airlines continue
move against
Laker’s claim

BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT

BRITISH AIRWAYS and British
Caledonian are asking the High
Court to continue temporary injunc-
tions stopping the liquidator of Lak-
er Airways proceeding against
them in his Slbn conspiracy and an-
ti-trust damages action in the US.

The two airlines want the Com-
mercial Court to rule, that any pro-
ceedings against them arising out
of last year's Laker collapse should
be only in the English courts.

They deny the allegation by the
liquidator, Mr Christopher Morris,
of Touche Ross, that they were part
of “an unlawful combination or con-
spiracy” to destroy Laker. In a
counter-move Laker is to ask the
court to dismiss the two airlines’ ac-
tions.

The litigation following Laker’s
collapse has been the subject of
conflicting decisions in the Com-
mercial Court and the U.S. court

Yesterday Mr Richard Scott, QC,
for British Airways, told Mr Justice
Parker the latest UJS. judgment
meant that it he granted the orders
sought by BA and British Caledoni-
an a serious dash between the
courts of the two countries could re-
sult

Mr Scott was referring to a
March 0 decision by Judge Greene

in Washington’s district court to
make orders stopping six other,
non-UK. defendants seeking protec-
tive orders from the English courts.

Mr Colin Ross-Munro, QC, for
British Caledonian, said it was con-
trary to UK public policy for one
British airline to sue another in the
U.S. on an anti-trust claim for triple
damages, when the basis of the ac-
tion was tariffs fixed by the Civil
Aviation Authority and approved by
the Civil Aeronautics Board.

Such an action was even more ob-
jectionable when the UK did not re-
cognise the extra-territorial scope
of the UJ5. anti-trust legislation.

Nor, said Mr Ross-Munro, should
one British corporation be permit-
ted to bring a quasi-pen al action in
the U.S. against another over acts
committed in the UK which were
lawful in the UK.

The hearing continues today.

In addition to the UK airlines, the
defendants to the Laker action in
the U.S. are Pan American, Trans
World, Lufthansa, Swissair, Sabe-
na, KLM and two McDonnell Doug-
las companies. Last month Midland
Bank and its subsidiary, Clydesdale
Bank, were granted an order stop-
ping the liquidator arid mg them as
defendants.

Companies told to
designate shares
without voting rights

BY JOHN MOORE, CITY CORRESPONDENT

THE STOCK Exchange ruling
council has told companies which
have shares that do not allow share-
holders to vote, or are limited in
their voting rights, that they must
proride a clear description that the
share capital carries a less favour-
able voting status.

Companies haring non-voting eq-
uity capital have been requested to
include the phrase “non-voting” in
its designation. Companies baring
equity capital listed which has less
favourable voting rights than an-
other class of equity capital have
been requested to alter the designa-
tion of such capital so as to include
the words “limited voting" or “re-
stricted voting."

With the exception of 11 compa-
nies, all other groups have altered
the designation of their securities
in the way recommended by the
Stock Ex ch ange.

Of the 11, five companies,
Aquascutum Group, Greenall Whit-
ley, Scottish Cities Investment
Trust, Solex and Vosper, have
agreed to put the matter to their
shareholders not later than at their
next annual general meetings,
while a sixth company, Great Uni-

versal Stores has agreed to do so
during its financial year ending
March 31. 1984.

Other companies which, the
Stock Exchange says, carry classes
of capital with less favourable vot-
ing rights than another class of eq-
uity capital are Vosper, CU. Bailey,
Rothmans International, Savoy Ho-
tels, Stylo, Trusthouse Forte.

Companies which maintain two
classes of equity capital have al-
ways attracted criticism in the City
of London. Before Associated Com-
munications Corporation (ACC), the
entertainments empire of Lord
Grade, was taken over by business
interests of the Australian entre-
preneur, Mr Robert Holmes a
Court, institutional shareholders
were constantly urging Lord Grade
to enfranchise the class of shares
which were available only to out-
side investors.

These companies which have
maintained two classes of capital
have often done so to ensure that
control of the company remains
with the family which formed the
company, or executives which run
the group.

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newspaper, estimated in London
yesterday.

He told an international financial
communications conference that
the European edition had about
10,000 subscribers and that there
were probably about 5,000 news-
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/•

As Northern Ireland prepares for new economic measures, Anthony Moreton examines the vital issues

Prior treads the careful path to Ulster’s

THE UK Government's economic
measures for Northern Ireland will
make the province the most attrac-
tive place in the European commu-
nity in which companies could in-
vest, Ulster Secretary Mr James
Prior said this week

He had just announced moves
which he admitted had been drawn
up to counter the attractions of the
neighbouring Irish Republic,
where, to all intents, the whole
country is an assisted area.

The main thrust of Mr Prior’s
new measures was a corporation
tax relief grant of up to 80 per cent
for new projects, which be de-
scribed as a “major incentive”. This
grant will be conditional on employ-
ment creation.

The other principal arm is an ex-
tension of industrial de-rating to
100 per cent from the present75 per
cent

The Government will also offer 30
per cent grants towards the cost of
energy conservation programmes,
mak e grants available towards the
“attraction and retention of sound
management talent" and set up an
advisory service to industry.

Mr Prior has had to tread a care-
ful path between those in Northern
Ireland who have been urging
greater industrial incentives on him
and the Treasury, which does not
want to spend money.

Sir Desmond Larimer, the Ulster
businessman appointed by Mr Prior

to head Northern Ireland’s Industri-
al Development Board (IDA), has
been tolling the Minister that the
present package, which includes 50
per cent grants towards plant and
machinery, compared with 15 or 22
per cent in Britain, 40 to 50 per cent

research and development grants

and training grants of between £20
and £40 a week per employee, was
insufficient to match what the Irish
Development Authority was offer-
ing in the Republic.

The Ulster grants had “failed to
do the trick," Sir Desmond said.
The 10 per cent corporation tax in
the Republic was thought to be eas-
ily understood and easily market-
able and had instant appeal - espe-
cially In the US., where there is a
tendency to generate profits quickly
on new projects.

Britain's 52 per cent corporation
tax level looks positively draconian
by comparison, although, as every
accountant knows, hardly any
company pays that level Many
companies, because of allowance s
and other factors, pay little more
than the Irish leveL

Convincing the treasurer of a
company considering moving to
Northern Ireland of the validity of
these allowances and the net level
of taxation is difficult - though 3 he
looks across the border, where
there is a flat 10 per cent, be feels a
lot happier about his long-term pro-
jections.

EUROPEAN COMMUNITY ASSISTANCE 1981

Capital

Interest

Duration

Repayment Expenditure

grants

concession

CyraJ

holiday

1980 into-

max. rate

maximum

(yre)

oalcurren-

P/Qj

cy

3 (coincided

Ireland

30

3

7

with award)

£1 16.4m

Great

E595.9tn

Britain

22

-

—

-

24.3

7

5

2

BFr 4.41m

bsiimarit

25

3.25

10 -plant

5 in law

Kr 250m

20 -bldgs

2 In practice

FFr 1.71 m

25

8.75

3 or 5

3 or 5

W. Germany 25

4 below stan-

10 -plant

2

OM 3.1 bn

daid rates

15 -bldgs

Greece

50

9-2S

6 - bank

N/A

-

loans

10 -bonds

Ireland

60

-

-

-

I£230m

Italy

£6

64% of mar-

15 -In south

5 or 3

L2-3bn

kfftrate

10-alse-

wtisre

Fr 688m

boars

15

3

5

-

Nattier-

R 428m

lands

35

-

-

-

Sara? £L\
reiaafse/

rcear. .^■cra' t-.-e- .es

Vurf 3 rj Utn A'ajrf SiMWItf*

Mr Prior's dilemma was that the
Government had set itself firmly
against any extension of regional
assistance.'

It has turned a deaf ear to p!eas
for help from the West Midlands,
which has become a depressed
area, and is actually working out
how to reduce its regional commit-
ment if it retains power after the
next General Election.

Furthermore, the spectre of De
Lore an and the closed textile con-
cerns, which opened with high
hopes and equally high grants, in-
fluences all judgements now.

While Mr Prior obviously wanted
to help, there is some evidence that
the present package has been
rushed out Mr Prior introduced it
to meet a Northern Ireland Assem-

bly deadline on Wednesday night
and admitted he hud no estimate of
the cost of the package nor. when
even some of the concessions would
come into operation.

De- rating and the energy scheme
will cost £9m a year but there is not
even on estimate about what the
other three might add nor when
they will start

De-rating will begin on ApnJ 5,.
the energy grant "in about three
months.” the tax relief grant “in
rather longer than three months."

Northern Ireland's task in taking
on the Republic is monumental be-
cause the incentives are attractiv c
and widely considered by other
member governments in the Euro-
pean Community to bend it net ac-
tually break the rules.

The 10 per cent corporation tax
rate for oU manufacturing compa-
nies will apply until December 31.
2000. Until the end of 1900. the Irish
also offered a oil rate on profits gen- .
crated by exports but this was
stopped after intervention from
Brussels.

Discretionary capital grants to-
wards new plant and equipment are
available up to 50 per cent of the eb-
gibk? costs in the west of the coun-
try and up to 45 per cent elsewhere,
so the whole of the country quali-
fies for some son of assistance - as
docs the whole of Northern Ireland,
of course.

In addition, there aretorerostrr*
bates, loon guarantees and equity,
finance. All these are for nuundac-
turing industry but the Trwb Gov-
ernment also has a scheme in help
service Industrie* which have an
export content :

In a characteristic mme, Ireland
has extruded the 10 per cent corpor-
ation tax rare to service industries

which are deemed tar the tax au-
thority to be "momtfa

acturtng-
the IDA has attracted new eem-
pomes. In ISfli, the fe*t -year
which figures arc .nvai&bte, it ap-
proved projects which would create:
33,720 jobs, negotiated. than
2.000 projects and migrant coat
mtauents totalling UAftfe
. All the. member cfnstrioc help
their industries. In Brighter Jor to-,
stance, 39.5 per cent ton popula-
tion and 33 per cent of #* {and
mass are covered by astfstod am
status. In Germany the figures are
30 per. cent and 50 pec cant respec-
tively, and 3» and S3 in
Prance.'-' 'v'

The Italians ««

rjjrp m > w ga ton-

plain the Italians hnva a network bf
hidden aids, such _M _writ&% off
losses ror the writingdnm Of assets,
for concern they. wont to atist A
third of the population a&d 41 per
cent of the lain most qwtifijr for
regional aid.

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9

' 4

Financial Times Friday March 25 1983

IBM EXPERIMENT ILLUSTRATES GROWING INTEREST IN SYNCHROTON RADIATION

Mini atom smashers as chip production tools

BY DAVID FISHJLOCK, SCIENCE EDITOR

IBM researchers have replicated
st mask for an Integrated circuit
wpng radiation, from an atom-
smasher . in an X-ray lithography
experiment at the Brookhaven
National Laboratory on. Lang

Island. It could lead to the
use of miniaturised . atom-
smashers as L production-line
tools in large-TDlnme semicon-
ductor factories of the fnture.

The IBM experiment illus-
trates a fast-growing -indostrial
and medical interest in synchro-
tron radiation, involving such
organisations as Exxon and Bell
Labs in the US. and 1CI, BP
and Shell In Britain., This is an
intense and broadband source of
electro magnetic' rays created as
a by-product of particle acceler-
ator rings- Long seen by high-
energy physicists as wasted
energy as well as a hazard, it
has been coveted by other
scientists as an intense and
continuously tunable source of
ultraviolet and X-rays. .

So enthusiastic are IBM scien-
tists at the 17100185 J. Watson
Research Center at Yorktown
Heights, near New York, they
talk of building their own
machine for X-ray lithography
In the basement. Meanwhile,
they are among a group of U.S.
industrial sponsors whose ex-
periments occupy 75 per cent
of the running time of the
National Synehroion light
Source, as the new Brookhaven
facility is called. It is the first
dedicated source of synchrotron
radiation hi the U.S.

The Brookhaven accelerator, 15
metres across, cost the U.S. De-
partment of- Energy 924m. It
uses two storage zings as light

sources, both fed with bursts of the high intensity of radiation

electrons from a short linear
accelerator at 70MV through a
600- MV booster synchrotron.
It is the largest facility any-
- where built solely as a source of
synchrotron radiation.

One of its storage rings is
producing peak energies of up
to 800 MV in the ultraviolet
range, first operated last May.
The other, just being commis-
sioned, produces peak energies
In the. bard X-ray region, up to
2.5 GeV.

Between them, the two rings
have a total of 44 ports from
which radiation ranging in
wavelength from infrared to
hard X-rays can be tapped. With
beam-splitters, a total of 200 ex-
periments will eventually be ac-
commodated.

Radiation is tapped through
beam lines, radiating like
spokes from the accelerator, to
carry the light to the experi-
mental station. The industrial
sponsors — known as participat-
ing research groups — have pro-
vided 75 per cent of the beam
lines at their awn expense. This
means industry has provided
about 50 per cent of the total
cost of the facility- IBM built
beam lines at the Watson Re-
search Center. It- is equipping
three ports— two tapping ultra-
violet light and one for X-rays.

Jerry Silverman from Watson
and Rolf Haelbieh, a visiting
scientist from West Geramny,
produced the first exposures at
the lithography beam line using
X-rays. The theoretical attrac-
tion over other radiation sources
for lithography is the very
high resolution, coupled with

HOW IBM USES BROOKHAVEN’S RAYS

Ultra-Violet

mmwm&m

which offers promise for iarge-
volume manufacture.

Other LBJvf. scientists are
mounting experiments designed
ro answer such questions as:
How do Schottky barriers form?
How do materials react? What
is the electronic structure of a
silicon surface? What are the
limits of the photo-emission
process?

In fact, Britain commissioned
the world's first large dedicated
source of synchrotron radiation

at the Science and Engineering
Research Council's Dares bury
Laboratory ip Cheshire. The
Synchrotron Radiation Source
(SRS) was commissioned in
1980. for an Initial outlay of
£5 .5 m.

Dr Leo Hobbte, head of the
SERCs science division, esti-
mates the total cost so far. at
current prices, and including
about a dozen beam lined paid
for by the SERC, at £25m.
The SRS has a potential for
as many as 50 beam lines, but
shortage of cash is re st ricting
the rare at 'which it can invest
and the best he hopes for Is
about 30 within five years.

So far there has been nothing
like the U.S. level of interest
among industrial scientists - in
Britain, admits Dr Hobbis. This
is hi spite of a relaxation of
government rules, so that com-
panies need not state too pre-
cisely just what experiments
they 'are proposing to do. XCI,
BP and Shell formed a research
consortium to make a long-term
commitment to use the SRS.
Dr Hobbis estimates that this
brings in no more than about
2 per cent of the £6m a year it
costs to run the SRS.

Nevertheless, the capacity of
the SRS is heavily over-
subscribed by the U.K. research
community at present. Dares-
bury -has been organising semi-
nars — most recently on X-ray
lithography — for university
researchers in the hope of
kindling more interest from
joint industry-university pro-
jects, accompanied by the cash
for extra beam lines to develop
the full capacity of SRS more
rapidly.

The possibilities are very far-
reaching. They include X-ray
microscopy at intensities well
beyond any available in labora-
tories today, to provide fresh
insight into chemical reactions
at surfaces, for example, on
catalysts or semiconducting
materials.

Another is a potentially fast
and cheap way of making heart

Two research stations are planned at Dares bury to carry out small angle X-ray scattering

and X-ray spectroscopy

scans without the unpleasant
side-effects that ' accompany
angiography at present. The
idea is to introduce iodine into
the bloodstream, then flood the
heart briefly with an intense
monochromatic X-ray beam. In
this way a heart scan lasting
only four seconds can clearly
reveal the entire pattern of
coronary blood vessels.

In Britain, the Medical Re-
search Council and SERC ere
collaborating to build a jointly-
funded laboratory at Darosbuxy,

which will nse synchrotron rays
for biological and bio-medical
research.

One major effort of the
laboratory — costing over
£400.000 to build and equip —
would be protein crystallo-
graphy using X-rays of an
intensity that would reduce
exposures from days to only
minutes, said Dr Jerry
Thompson, in charge of the
SRS. It not only speeded the
research but meant less radia-
tion damage to biological

materials, he said.

Stimulated by U.S. and British
scientific enthusiasm, sources of
synchrotron radiation have
begun to proliferate worldwide.
Russia has mounted experiments
In four centres. Europe has five;
the SPS in Britain and also in
Germany (2), France and Italy.
Japan has its Photon Factory
and pmm is building an
80G MeV facility at Hefei. Euro-
pean scientists have begun to
discuss a European centre,
possibly at Daresbury.

Valves

Friction

free

THE BIFOLD company has
Introduced a range of sole-
noid-operated, friction-free
pneumatic valves for explo-
sion-proof control applications
in the offshore, chemical and
petrochemical Industries.

The company says that the
valves- are of double-
diaphragm design, and are
operated by direct acting
solenoid actuators. A wide
selection of ac and dc voltages
are available to conform to

safety specifications.

Copiers

Toshiba

launch

A NEW version of the
Toshiba BD-4511 compact
plain copier has been
launched by the company.
Designated the BD-4515, the
machine can carry out Image
reduction and enlargement.
The copier has a liquid crystal
display control monitor, hori-
zontal paper path to avoid
jams, copying on both sides
of paper. More information on
this updated machine is avail-
able on 9428 54011.

Testing

Ultrasonic

probe

A RANGE of single crystal
shear wave ultrasonic probes
has been introduced by Well-
Krautkramer. It has applica-
tions In testing welded
fabrication such as generat-
ing stations and offshore oil
rigs, where accurate and
reliable flaw detection is
important. More details of
the new probes are available
on 04626 78151.

Software

Work

activities

THE Management Services
Unit at East Sussex County

STILL
FORK TRUCKS

The Best in Europe

i

Council has developed a soft-
ware package for the study
and analysis of work
activities. The software aimed
at computerising work study
methods to help local authori-
ties rat costs can he run on
the Husky portable micro-
computer. Manservant, as the
program Is called Is available
through Husky’s manufac-
turer. DV1V Microelectronics
on 0203 56580.

Meters

Hand-held

model

A hand-held autoranging
capacitance meter, the Model
3002. has been introduced by
GSC in Saffron tValdon,
Essex. The instrument has a
31/2 digit liquid crystal
display and measures 193 x
95 x 44mm. It allows direct
readings lpF to 19 999uF.
More information on 0799
21682.

Tooling:

Chuck

range

SANDV1K has added to Us
range of Bilz tooling with a
quick-change chuck for drill-
ing, reaming and counter-
sinking and a new range of
tapping chucks for machining
and turning centres and drill-
ing and boring machines.

The ASBA chuck, intended
for drilling work on transfer
lines and special-purpose
machine tools, incorporates a
locking mechanism which
snaps open when the tool is
removed. When a new tool
is loaded and correctly seated
the locking mechanism will
operate automatically.

Saudvik at Manor Way.
Halesowen. West Midlands
(021-550 4700). will provide
full details of the extended
range.

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10

Financial Times Friday Man* 25 l&83->

THE MANAGEMENT PAGE

EDITED BY CHRISTOPHER LOREN?

Welsh university attempts to teach

innovative thinkin g in the classroom

Robin Reeves reports on an unusual educational experiment

IN A society where commercial
success depends upon success-
ful innovation, is it possible to
create large numbers of
innovators?

Tbe present education system
is geared to providing young
people with an accumulation of
knowledge and an understand-
ing of strict methodology,
rather than to be innovative.
They are taught science and
engineering in the hope that
inventors will simply emerge.
Similarly, business subjects are
taught in the hope that entre-
preneurs will emerge.

There is no systematic
attempt to encourage young
people to think innovatively.

Indeed, many successful busi-
ness innovations have been
brought about by people with
little or no formal qualifications
in science, engineering or
business studies.

Against this background, the
Industry Centre and the Depart-
ment of Science Education of
University College, Cardiff,
recently ran an experiment in
three comprehensive schools in
the Welsh industrial valleys to
see if it is possible to develop
a teaching system which would
encourage sixth form students
to develop innovative abilities.

A large part of the experi-
ment, which was also backed by
the Department of Industry and
BP, was concerned with the
search for “ opportunities." The
basic premise was that while
the inventor and the entre-
preneur are liable to be very
different characters, both have
in common the ability to
identify an opportunity or need
for a product or service which
is not being adequately met by
current products or services.

The time allotted to the
experiment was limited— about
one hour per sixth form group
per week in each of the three
schools concerned — and it
proved to be insufficient.
The enthusiasm generated was
such that at one school the
students gave up part of their
summer holidays to continue
the experiment

The first term was taken up
with lectures to illustrate how
already successful inventions
had been generated, tbe oppor-
tunities and problems facing
innovators, the success rate of
inventions, patent laws, other

forms of intellectual property
protection, etc.

The second term included
visits to four widely-differing
local industries: At Duniopilio,
students were able to see a
range of industrial presses and
highly automated, as well as
labour intensive processes;
Amey Roadstone, in the quarry-
ing and roadstone preparation
business, gave an insight into
a heavy industry; Ready Roasted
Chickens provided an example
of an entrepreneur building up
a business from scratch; and
Tesco, the supermarket chain,
was chosen to illustrate the end
stage of most manufacturing
processes by way of the pre-
sentation and sale of products
to the final customer.

The end of the second and
third term were devoted to
" brainstorming " sessions to
develop the students’ faculty for
identifying unfulfilled needs and
producing solutions to the
problems identified.

The sessions were structured
into four stages. The first was
encouraging an open mind by
emphasising that there is no
single answer to a problem.
Significantly, this turned out to
be easier with students than
with many industrialists and
academics, who have often spent
time on one single-minded ap-
proach to an answer and are
not prepared to accept that
there is perhaps a better alter-
native.

The second stage was en-
couraging group co-operation.
Again this proved easier than
expected. In an industrial or
academic group there is un-
usually a hierarchy and it is
difficult to get participants to
work as equals. Departmental
differences emerge. There can
also be an unwillingness to poo!
ideas in a group, in case the
proposer loses credit for the
idea.

The third and fourth stages
were developing and exploring
the ideas which emerged. The
idea sessions were run with a
leader and recorder. The partici-
pants produced ideas and identi-
fied avenues or categories of
ideas, which were all recorded,
following five basic rules. That:

• no idea, no matter how wild,
was discarded;

• criticism was not allowed,
only suggested improvements;

a rubber scraper; and an im-
proved cattles rid.

One of the Mountain Ash
Comprehensive group's pro-
posed ’‘needs” was for a new
type of toothpaste container
which would allow all the
toothpaste to be extracted.
Among the solutions put for-
ward were a container with two
openings; single shots of tooth-
paste packaged in throwaway
plastic capsules; toothpaste in
an icing bag; a plunge dispen-
ser, aerosol; or the existing tube
in a specially designed squeezer.

Another idea was for a better
Lightswitch, on the grounds
that present types are ’'boring
and unimaginative." Among
new designs suggested were
voice-activated switches, ones
worked by sensor touch, or
remote control, or were illumin-
ated in the dark. From this
stemmed ideas for an upstairs
or downstairs console to control
all the lights in the house and
a pressure pad or circuit
breaker which would switch the
light on or off automatically
when you walked through the
door.

• different ideas were com-
bined to try to find new ones;

• the bigger the quantity of
ideas, the better. The quality
was decided later;

• spin-tiff ideas were en-
couraged.

A second meeting within two
weeks gave participants the
chance to generate further solu-
tions after pondering on their
ideas.

As it turned out, there was
certainly no shortage of ideas.
Literally dozens were generated.
Many were not necessarily new,
realistic or practicable.

Others were intriguing and/or
worthy of further exploration.
Most important, the experi-
ment awoke in tbe students the
idea of looking at their environ-
ment through the eyes of an
innovator.

Among the "needs** or
Innovations which the Aberdare
Boys Comprehensive group
chose to explore in detail were
for a new door mechanism; an
alternative to glue or a con-
tainer which would prevent
glue sniffing; ft new kind of
bottletop; a windscreen wiper
using a different principle from

Some innovative thinking was
stimulated during visits to local
companies by the current prob-
lems facing their management.
Amey Roadstone suggested
there might be a better method
of keeping road bitumen warm
and new uses for large blocks
of stone from its quarry.
Answers to the first problem
ranged from a vacuum fiask-
type container, to a pipe con-
necting the containers to a
vehicle’s radiator system, and a
solar panel which heated water
around the bitumen container.
For the second question, the
students came up with sculp-
tured seating- for picnic sites,
playground artefacts, and even
stone coffins.

The 2>unlopillo visit stimu-
lated ideas for new uses for
foam rubber — gym mats, letter
boxes, dart boards, flasks to keep
drinks warm, and pipe insula-
tion were among the students'
suggestions. Proposals also
emerged for a simpler storage
system in the factory and for
utilising foam crumbs and
other waste material, and waste
heat

Tesco bad the students design-

ing a new kind of shopping
trolley, thinking about the
logistics of stock rotation and
the problems of selling goods on
the first floor, away from the
main shopping area. Novel
ideas included the provision of
infer-floor rotating shelves
which would be filled at first
floor level, and conveyors to
carry both goods and customers
around the store, powered by
the River Cynon, flowing be-
tween the store and its car
park.

Roasted Ready Chicken en-
couraged the students to dream
up new chicken-based food
products to give the company
greater product diversity.

The students also applied
their minds in an innovative
fashion to the National Coal
Board's nearby Phurnoche
smokeless fuel plant. Apart
from being a major source of
local pollution, the plant also
discharges large quantities of
waste beat. Could this waste
heat be used to advantage in
the valley?

The students catalogued a
large range of potential uses
for the waste heat from fish
farming and greenhouses to a
saw mill and swimming pool
and sauna. This led on to ideas
for a freezer plant and whole-
sale centre for marketing the
fish and vegetables produced.

Clive Jones, head of the
University College Industry
Centre, was the first to stress
that it had been a first experi-
ment only. A major disappoint-
ment was a lack of response
from the girls’ school, though
he stressed that it would be
quite wrong to draw general
conclusions about the ability of
girls to become innovators from
this one experiment.

It also emerged that the time
available for the sessions was
too short; the teachers respon-
sible for the course needed to
be better briefed at the outset;
and future courses would need
to involve craft teachers at an
early stage in order to help
build prototypes.

The experiment also showed
that the lectures need to be
spread throughout the schools’
other activities. Cardiff now
plans to extend the experiment,
provided funds to finance It can
be found.

Employment policy

Square pegs for
square holes

NORMAN CLARE, managing
director of E. A. Clare and Ison,
an old-established Liverpool
billiards table maker, is rarely
short of a horror story about
school-leavers looking for jobs.
Poor standards of numeracy
worry him most.

To test for a grasp of simple
geometric and arithmetic con-
cepts among would-be appren-
tice carpenters, he asks ques-
tions like this at interviews:
- Suppose the foreman asks you
to make a four-foot square
wooden frame. How* much wood
would vou get from the stores?"

Lads* who become apprentices
cope easily, but Clare has. had
many applicants who could nor.
a situation be has complained
about at Merseyside Chamber of
Commerce.

Clare knows exactly what be
is looking for in a young
employee, but much of the rest
of industry is rather more
vague. as was revealed
in a Manpower Services Com-
mission survey late last year.

This showed' that apart from
basic levels of literacy and
numeracy, most employers are
hoping to find rather more
general, less well-defined social
skills, such as the ability to
deal with people. They also
want young people to he able to
solve general problems, put
jobs in an order of priority,
work alone, and work under
pressure. These qualities were
thought lacking among most
school-leavers.

Merseyside Chamber of Com-
merce has just published an
employers’ handbook that may
well make many companies
ponder whether such expecta-
tions are too high.

The handbook is aimed at
medium-sized or small com-
panies without personnel man-
agers to take care of such
things, so it should prove
valuable at the sharp end of
day-to-day management But it
also raises issues for aU
employers to consider.

For example, it warns: "There
will be a growing temptation to
call for interview only those
with high academic qualifica-
tions. If the person employed
is too highly qualified, he or
she will soon become dis-
enchanted and this will spread
to other employees." . .

Significantly, the M SC survey
revealed that most employers
are going to fall into this trap,
rejecting virtually everyone
without good GCE “O” levels,
which means over half the
school population.

The handbook suggest* that it
is better first to define a job
properly, which by implication
some companies must not he
doing, and then find the .most
suitable candidate, rather- thin
the one with the best academic
qualifications, which is often not
the same thing. V. :

Also contrary to many cm*
plovers’ current practice is the
handbook's encouragement of a

softly, softly ** approach to in-
terviewing — the MSC .survey
revealed dissatisfaction with
young people at interviews,
both as regards dress and being
able to answer only “yes” or
“ no " to questions; in other
words, employers acting in wfcar
is. In effect, a buyer’s market
expect to be sold to, and arc
irked when they are not But
are such expectations realistic?

Young jieople, the handbook
says, are rarely interviewed by
someone in authority, unless lor
suspected wrongdoing. Most are
totally unaccustomed to airing
their views or even answering
questions. The employer must
practise e?,cou raging the Inter-
viewee to develop ideas.

The importance of examina-
tions is not overlooked, and
there' is an excellent guide . to
academic qualifications add
tests of aptitude, a s well as
comparability of various certi-
ficates. .

Ability to work is probably
what most employers are look-
ing for more than anything else
and, theoretically, the recession
should be providing an un-
rivalled opportunity for them to
pick and choose. However. tV?
recruitment of young people
probably now requires greater
sensitivity than ever before if
Industry & not to find itself
with too many highly qualified
misfits in a few years’ time.

The question is worth man-
agers thinking about, no matter
how pressed with the daily
struggle to survive. People nwy
be willing to contort themselves
into aU sorts of shapes just to
get work and keep it ax pre-
sent. but can that last for ever?
In the long run. square pees will
need square- holes and vice
versa, just as Clare and his
craftsmen need to know bow
much wood is needed for a
billiards table. -

The Yoaitfl Employee — A Hand-
book for Employers. Mersey*) dr
Chamber of Commerce, l Old
Hall Street. Liverpool, L6S.
to non -members.

Ian Hamilton Fa?ev

This announcement appears as a matter of record only.

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Bank of Montreal

The Bank of Tokyo Canada Deutsche Bank

European Banking Company limited The Fuji Bank, limited

San wa Bank Merchant Banking Group

Funds provided by

Bank of America Canada Bank of British Columbia Bank of Montreal

The Bank of Tokyo Canada Barclays Bank of Ca n ada Canadian Imperial Bank of Commerce
Dai-lchi Kangyo Bank (Canada) Deutsche Bank (Canada) European Banking Company Limited
The Fuji Bank, limited Fuji Bank Canada . The Industrial Bank of Japan (Canada)

The Sanwa Bank, Limited

February 2983

BANK OF MONTREAL
Agent

COMPANY NOTICES

EMCUMWIUNPSC MUGGINGS
TRUST N.V.

(EnpHUi and Botch Inwdwtrt Treat!
Established in AmjIrtMi

PARTICIPATION CERTIFICATES
[ISSUED BY

ROYAL EXCHANGE ASSURANCE!

NOTICE IS HEREBY GIVEN that i Grow
DtvKJerxJ on the Participation Certificate!
Of FIs. 4.70 IFour Borins and HWiiY
cents) wMl be Say able in sterling on or
•ftcr stti A^nl 1485 against presentation

Tbe dividend wtfl be payable as follow*,
sobiect to tbe provision of the appropriate
Netherlands Ta* Affidavit where necesunr-

to corttuate HoWers who are sobiect
to United Kingdom Income Tax less
IS Per cent Netherlands Withholding
Tap. and United Kingdom Income Tuc
at IS per cent on Ihn Gross Dividend.

to resident s of ocher countries with
which tbe Netherlands bare concluded
True Agreements, under, deduction of
15 oar cent Netherlands Withholding
TmBK

to residents of all other counfrtre.
less Z5 per cent Netherlands With-
holding Tan.

Certttcatp Holders resident outside the
United Kingdom will recede payment less
United Kingdom Income Tax at the raw
cf 30 pee cent on tbe net ampaet emem

the cannons ere accomoanM hi United

Kingdom Affidavit of non-restdeoce. The
■lorw-meoUoMd rates of B» apply only
In respect of Coupons presented far nav-
menc op tn and including Mth September
1985. Thareofter Netherlands Withholding
Tax will be deducted ft .the rete at
25 per cent sad the Unltnd ^ Kingdom

income Tax. where applicable, at the rate

of 30 per cent from the net. sterling

"moZnt. ReftsSws to United Kingdom

Income Tax at IS per !**««"* 50 pa-

tent are sutHvct to the rates ruling on
5Bi April 1983.

For the period 5th ^.Anr U1 9 83 to
30tn September 1983 the dividend wHI
be paid In sterling a* the rste of exchange
ruling OP a>e car of presentati on ol .the

COUPONS. Conpons yesenWd^ thereafter
will be Pam In swrUoo at die «?te ot
exchange ruling on the t*mu day of Octatw
1983.

to obtain payment. Coupons No- 33
must be presented at . the_ oftee. oj Hill
Samuel and Co. Limited. 45 Beech Street,
London EC2P , 2LX- Coupon* most t»
listed on special forms opmiMWc from
MMi Ssmoel and Co. United, and most
be left three clear days t or

vriu not be accepted through

Coupons
the post

ROYAL EXCHANGE ASSURANCE
Royal Exchange.

London ECZR SHN.

RENOWN INCORPORATED

NOTICE TO MEMBERS OF
GENERAL MEETING

NOTICE IS HEREBY GIVEN that the
38th Ordinary General Meeting of Store-
holdcrs of me Company will be held on
Wednesday. 30tn March. 1963. at ID am
at the Hall. Sth Floor, head office of tho
Company at 34-18 Jtnoumac. 2 Chomc
Shlbuya.Ke. Tokyo.

PURPOSES OF MEETING
Matters to bo reported.— Report _ cm
Balance Sheets as of 31 cl December 1982.
the Busmen Report and the Income State-
ment for the 38th Business Term (from
1 st January 1883 to 31st December
1982).

Matters to be rerolvcdi—

W Approval of Proposal tor appropriation
of p roots for tbe 38tb Buuncn Term.
2) Change of a part of too Articles of
Incorporation.

of Term of OAee of all

4) Election of 3 Statutory Auditor* at
the expiration of term of ofhco of all
2 Statutory Auditors.

5) election of independent public
accountants.

8! Presentation of condolence money to

deceased Chairman of the
Directors. Mr. Y»»«e ito. end
deceased Executive Vice President and
Director Mr. Yaauhldo KunKani. and
retirement gratuity to retiring
Directors.

NOTE: The following notice annean In

- Agreement

accordance wire the Hating . _

iq (Ci .of the Company "There U not
any service contract. granted. by tjm Com-
pany or any suMJdtarv of uw Company,

to any Director or nroooscd Director of

tha Company not miring or determinable

wttMn 10 years by the emplevfiio Com-
pany without payment compensation
tauter than statutory compensation)

ROBERT FLEMING A CO. UMfTBD

8 Ci-OMtrv Saatrw.

London EC3A BAN
25 Ui March. 1983

LONRHO INTERNATIONAL
FINANCE N.V.

U.3.S 12 PER CENT BONDS
1988

Guaranteed try

LONRHO PUBLIC LIMITED COMPANY
NOTICE IS HEREBY GIVEN to Bondholders
that comes o* tbe Annual Report and
Accounts of Lonrfro loKnaHnul Finance
N.V. and of loot ho Public .Limited Com-
pany ero available, from Lurin Public

Umitwr comi M inv. Cheaoilde House. TJ8.

London EC2V 68k.

EDUCATIONAL

FRENCH 66

\CEPAN/

□ Teaching staff praoanco from 8 bjil to 10 Am. * OB

CQUTMfl m Old AftiomM. □ Group (mw $ and private
loddons. □ Wddfc and wmfc- end come*. □ Buotnsu
■antlnar. □ U oBd u r ombh lor yourcMMmn.

i Parliament. SHAPE-,
TMex 49880.

PERSONAL

DANISH BUILDING SYSTEM A/S

IS A S5HJ2* OFSPECl/^iaH) COMPANIES WITH LONG-TERM
EXPERIENCE IN TIMBER FRAMED HOUSE BUILDING

The group has formed on export company in ardor to develop on entry
into Ihd UK market with the co-operation of David Love Asaocisiee Limited,

PO Box 3. Humble. Southampton. Telephone: 0703 ( Southampton) 45561B
market ro anarch. designs have boon developed for the UK mQiltei

Ahnr manat roaearen. nesigna have been developed for tho UK market
which incorporate the high quality and careful detailing that is associated
with Scandinavia.

The managing director of Danish Building System A/S. Mr Knud
Lolbkbogaerd will be in London the Europe Hotel. Orosvonor Square,
London. W1 whore on exhibition presenring motor, elements showing
examples of Construction will be on display, detailing doors, windows,
kitchen units, bathroom unite, healing and electrical lyRsnu and insula,
non systems. Both Mr David Love and Mr Knud Luiokkoouard will be at
the exhibition end would welcome visits from members of the construction
industry and professrons who hjvg an Interest in housing.

THEJXHIBmpN WILL BE OPEN MONDAY & TUESDAY
2Sth A 29th MARCH FROM 10.00 AM TO 7-00 PM

NEW KUIWOMTVN PfMPOmO
LIMITED

(incorporated with limited llabflltv fat the
Republic of South Africa)

NOTICE TO HOLDERS Of
SHARE WARRANTS TO BEARBR
PAYMENT Of COUPON NO. 78

With reference ta the notice of ettiaretion

of dlvidcno advertised in the men on

ii - February 1983. boMere of Share
Warrants to Bearer are. informed mat
payment of OivMcud No. 78 vriu be
made In united Kingdom C ur rency, on
and alter ti aptu IB85. after surrender
of coupon No, 78 as follows: _

Per Share

DfrldeMl declared In South Afri-

can Currency 5

Kingdom ' Currency on 21

March 1983 at R1.823SS6 .

- £1 to: , 3^7909

south African Nen-ResMant

SiwrehoitHrs’ Tax at 15% 0.48186

2.61723

United Kingdom income Tax at
15% (see note) on the Gross
amount of the dividend 0.441 86

Net Amount

2.13537

Coupons may be lodged at tSe loUai*.
lug Micas from which listing Forms may
be obtained:

LONDON

Tb* London Often of tbe Company.

ZO Southampton PbCb •

London WCIA ZBQ.

PARIS _

, The ofhee of the Company's Parts Agents.

'Credit du Nora.

8 Boulevard Hanwnaim.

Paris. 79009
All coupons lodged uKt the Paris
■gents and those lodged at the London
0»» accompanied by. inland Revenue
declarations will «e poM it the rata Of
2.61725 pence Mr share, ..

Coupore i Weed n»«t b* Mt FOUR
CLEAR DAYS for examination.

AFRICAN FINANCE CORPORATION
(U.KJ LIMITED
London Secretaries
, ___ per A. W. BRADSHAW

London OBcc
20 SeuthauiDton Place.

NOTE: Under the DouMe Tax Agreement

Sooth Africa,, .the ^ SovMi

Republic _

African Non r es ide n t Bharehoider*'

applicable to the dfrloend ts ailewaMe
as a credit .against the United Kingdom
tax payable In reuu e ct thereof. The deduc-
tion of tax at the reduced rats at IS 0 ’,

Inttu ed of at lbg basic. rsM^af 30% reared

rents nit all SWIM* of
Of 15%.

K the rue.

ART GALLERIES

01-734

Paintings.

unuu

l Drawings A sen

Cork on.
f -l 4 BRITISH
Sculpture.

IL 63, Queens Grove. NWS.
MM. HARRIET LASSALE

01-586

AMERICAN JOURNEY.

<31-4 157Z'3l ^

ES K B!Z%8&JB™ M !"- Frt -

WHTBO^PJL *2iroMY^L

0107. lobe AGS.V'ESr’Yo 10 AerU
WWPM' BL ,°S EM EXHIBITION. SST..
Frl. 11-5.50. cl. Sat- 5 1-4 April. Free.

ISlMa

MEW OALUtlY, 43. Old Bond sCTywT -

suar-s

UntU 28

AGNEW

oi.—

PU —

Prints uubllJltM by

April. Mou— Frl, 9.30-s3K

Now Land.
9 30-5.30.

Until 31 MafciL mEl-fIS

. 1 * 1 .

tA,

»hg

LUMLEY

01-499

Branue.

EXHIBITIONS

Sats. "l

CLUBS

IN LOVING MEMORY- The MHA Flower
Tuna enables, you B express voir
sympathy with a living tribute in lieu
of Bowers w-a densoon la help the
owerly in need. A noral earn is sent
in vour name to the. bereand. Write
to Methodist Homes hx the Aged iffi.
It TuRon Strait. London SWSP SOU.

TRAVEL

TOKYO. Osaka. Seoul, Tmpet A Far East
wioc choice of anccmnt plants, ft-oenur*.
Japan Services Travel.' 81-417 5703.

■HUTqffBrtJFafl'Bf « -

Suooec frdUft iflV mi 1 *® V#,| {Ji 1 Jy f*?*?*? a

■S&sFSfigsiiasa

3 am. Ot-437 ""OhUy 9 pm CO

FINANCIAL TIMES

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1983

11

THE ARTS

Music

ZORICH

TonbaDe: Rudolf Bochhinder, piano.
Schubert and Beethoven (T eh Ton-
hafle Orchestra and Gesnschtelr
Choir conducted by Rseto Tschopp.
Brahms German Requiem (Thor.
849ptn and FrI, 4pm).

VIENNA

Kusffcwdn (658 l®J)r Alfred BttsxW,
pi«». Beethoven sonatas (Mm).
&P« thma i - (731211): Concsrt-
jtbossBBtete'AMtiidini. con-
■ doc tor Nicolaus Harnoncourt
-.Bach's St Matthew Passion (Tue
and Wed).

. LONDON

London Philharmonic Orchestra con-
. ducted by Kiras Teangtedtwflh La-
da Popp, soprano and David Gerin-
. sax. cello. Strauss. Royal Festival

• Hafl(Moa)(02831filV -

London Symphony Or ch e s t ra and cho-
rus conducted by Claudio Abbado.
Edward Downes.- and James Judd
with Shirley Vgrre U.

. soprano. Stockhausen's
min Alto R hapso d y and .St

Anthony Variations. Barbican HaH
(Tor, KSflpm; Thur, 7.15pm)
{B8888B1>

_ Symphony Oi-
1 conducted by Neeme Jam
with Stain Cherkassky, piano.
Mendelssohn, Safart-Saras and
- Strauss. Royal Festival Hall (The).,
A t** 4 *— ij of ftnrintflffi ni f itli p rl ert hy
Christopher Hogwood with soloists
inrtniHwg Bn tPB* Khkby, so pr an o.

Carneffe

(The); Zubin Mehta cnndnrting.
Wagner, Bruckner (Thur) Avery
Fisher HaD (8742424)

H«li Krystun T iwyi 11 1 *"
Brahms, Szymanowski,
j>tn (Wed); Emanuel Ax piano.
To Yo Mb, Duo performance of Bee*
thoven & Brahma (2477458).

WASHINGTON

National Symphony Mstislav Rostro-
povich conducting. Barber, Proko-
fiev. Tchaikovsky (Tue); Wagner,
Prokofiev. Barber, Moussorgsky/
Ravel (Wed mat); Barber, Prokofiev,
Shostakovich (Thur). Concert HaD,
Kennedy Center (254 S776)

CHICAGO

Karlheinz Stockhausen's Gruppen at Barbican Hail, London

Hander* Messiah Royal Festival
HaD (Wed).

LSO Brass Ensemble conducted by Ed-
ward Downes. George Lloyd and
Gabrieli. Barbican Ball (Wed).

Alfred Braudel, piano. Beethoven so-
nata cycle. Queen Elizabeth HaD
(Wed) (8283191).

Lo nd o n Phnbannoidc Orchestra eon-
dneted by Klaus Tennstedt
S. Royal Festival Hall (Thur).

London Soloists Chamber Orchestra
c onduc t ed by David Josefowitz with
Raphael Wafifisch, ceDo. Haydn and

Tchaikovsky. Queen Elizabeth HaD
(Itair).

Bonnie Scott's Frith Street Trumpeter
Freddie Hubbard and his quintet.

NEW YORK

New York PhUhannooic Rafael "Kube-
lik conducting with Richard Brun-
ner tenor. Richar d Cassiliy tenor,
John Cheek bass. Janacek: From
the House of the Dead. US. prem-
. iere in_new translation by Yvetak
Synek Graff and Robert T. Jones

Chicago Symphony: Sr GeorgSolti
conducting Mozart, Bartdk fTtun - ).
Orchestra Hall (4358 122).

PARIS

Renata Scotto Recital (Mon) Theatre
de L'Athenee (742 6727).

Nouvel Orchestra PhUhanmndque
with Jacques VandeviDe. oboe:
Krommer (Tue) Salk Gaveau
(5632030).

mar Frank! Recital: Mozart, Brahms,
Chopin, Schumann (Tue ) Theatre
des C h a mp s Elyaces (1234777).

R a dio Ftaace - Orcbestre National de
France conducted by Michel Plas-
fF)n, Deszo Ranki, piano: Andre Bon,
. Schumann, Monssorgsky-Ravei
(Wed) Theatre des Champs Hysees.

Orcbestre National de LiHe conducted
by JeanOaude C&sadesus. Philippe
Biangoni, piano*. Weber, SrhirmaVm
Casadesua. de Falla (Thur) Theatre
des Champs Elysees.

Opera arid Ballet

, WEST GERMANY
Botin Deutsche Open A new produc-
tion of ' Die Lnstigen Wefber von
Windsor with Alfred Kuhn as Sir
Jobs FslstaH and Norma Sharp as
Frau Ffath. Idomeneo, with a cast
beaded by Edda Moser, was revived
triumphantly. La Bobrin* conduct-
ed by Gianfranco Matini. has Dona
Tokody and Barry McDaniel in the
main parts (34381). -
Humbug Staatsopen Acclaim for .Don
Chiles with star cost Nicola Martta-
ucd in the title role. Jelena Obraszo-

wa and Ruggero Rahaorafi as Philip
the Siwind was unparalleled. Also.

- week. ftifftim niMi BwHihwigw
wHh NeD Schlcoff in the title role as
well to Ariadne auf Naxos with
Maijana Lipovsek and Dieter Well-
er. Zemlinsky’s Kreidekrris is pro-
duced by Herbert Wemike and has
Beatrice Nfeboff and Guillermo Sar-
ahia in the main roles. Zar and Zlm-

- mannann completes the week
(351151).

Cologne Optra: Parsifid. produced far
Jean Fiore PpnaBOe.has.Rder lin-
droos in the title rofe-and WaKrand
Meier. famous -tor her rendition cf
. tide pert in Bayreuth.' as Knodry.
Also Don Fasquale and Der Barbter
von Sevilla (20761).

Frankfort Open:' Madame Bu tterfl y
with Altiko Kuroda in the title role,
has Seppro Ruohnfin giving a fine
deUvex? In the put of Pinkerton.
Ariadne auf Naxos benefits bora an
outstanding performance of -"Agnes
--Bahsa. Also Cav- and Pag - and
Gluck’s Alkestis. (2S®n). ?

Stuttgart Warttemben^sches Stwrtv
theater: Ztr rant Wui^Htr Huiai fea-
turing Maria Httsnnmn ^ Arend
Baiiraaim (20321); - -
Munich Bayeriscbe Stmttsoperi Das
Ihbetvetet, > Jean-Rerre Pon-
neQe production; Paraifal with Peter
Hoftnmn; Werner Bgk’s Peer Gynt,
faced by Kurt Hones; La Bo-
, sang in Itafian; La Ganerento-
la with Frandsco Anus and Susan
Daniel (21651).

LONDON

Beyal Opera, Govent" Garden Don Car-
los in the famous, now decaying
IflM Visconti production fa given for
the first time in the original French.
The payt includes Peyo Garazd and
Thomas Allan and, the con duc tor is
Bernard Haitink. Die Zauberilote.
in August Eventing** jokey at a g b i fc
has a cast of i—dNtg
(Burrows), /Popti, ' RWty) do ndn e ted
by Colin Devis C240l066).

Engfish National Optra, Cotitaumt
Dvorak’s Rmaflka, not seep in Lon-
don for many years, retnnts in a re-
vival by the coatrovttdal ENO team
of David Pwmtaey (producer) and
Mark Elder (coadnctor). RossmTs
Cinderella, led by feg srm t fil s t i n g
DeQa Jones, co mp le te s its current
run. VerdTs Force of Dfcstiny, ana of
the company's most meaessftd and
thoughtful efforts, b led by the Le-
onora of the won derful Josephine
Barstow (686 3161).-' -
Royal Opera House, Cbvent Garden: A
triple bin on Tuesday consists of La
Bayadere, La Fife dti Jour and The.
Prodigal Sou.

PARIS

Maurice Bejart and his XXth centmy
ballet conducted , fay Sylvain Cam-
breling Stravinsky's "L’histoite dn
Soldat* - TMRCbatekt (251 1983).

. . WWH

Staatsoper (5SM/2855): Die Einfnh-
rung aus dam Serall, Salome, Rigo-
letto, Parsifal , .

Volksoper p324/2W5> Dor Graf von
Luxemburg, Das f uuerweric. Die
Ewtfiihm ng aosdsm SeraiL

NEW YORK

_ Opera: James Levine

the. last' seasonal perfor-

nce of Dtm Carlo with nacMo
adrua in a week that also in-
des performances of Fhtateto
1800*9 prpductiou of Manaaie
tterfly conducted fay- Eugene
bn. with n teovatore. Die
tkflre and n BarWere di ShdgHa.
House Lincoln Center

ny director
John Neumeier completes ti» i s»-
son with his choreography of Bsos
Saint Matthew . Passion- Brooklyn
An»w of Music, so Lafayette Av

menoo dancer prttoMM totheti^B

Badu Oareffl. A&moai. Boc faerin i
and tee poems of Garcia Lorca.

Arts, 138E. 23rd

WASHINGTON
Bride frecn Fiuto: Gian Carlo Menot-
tfs cncca whtch ^emiered a year,
ago to odebrateth* Kennedy Cen-
tertt 10 th anniversary, becomes this
year’s keystone of an "Imagi n ation
Celebration."' The . itinerant pro-

Tucson, UDwauhee and Seattle
ith tee Jfeoeta opera a finnt m»p-

rt version 'of Peter Rabbit and a
lyaboutboacer Joe Louis. Terrace,
eonedy Center (2549693).

Arts

Week

F IS |SolM|TalW|Tli

23 U6 27 28 28 30 31

Rtge and Amanda Fhanmer esHven
a somewhat overwritten dash of

Joseph and the A mwin g Technicolor
Pr wu i K.n et (Royaie); The first work
by Andrew Lloyd-Webber and Tim
Rice in a lively and imaginative ren-
dition directed fay Tony Tanner.

Theatre

LONDON

A Map of tee World (Lyttelton): Bril-
fiant newplay fay D evid Huy satin
a luxury Bombay hotel where a Un-
esco conference on world poverty
has been convened. Chin, meticu-
lous production by the author has
strong pe rf o rma nce s from Soshan
SethfPtebm in the Whn Gandhi) as
an Indian novelist. BQ1 Mghy as a
journalist and Dima Quick as the
actress in the middle of an ideologi-
cal showdown. (9282252).

Other Places (Cottesloe): Triple MD of
HaroM Pinter plays superbly direct-
ed by- Peter HaD. Pinter breaks new
. ground in A Kind of Alaska, Jntfi
Dench outstanding as a woman

m illi ng rmtt nf nwiui wfti-r 29 jmiH

iinii accelerating from <™»n grri to
adult maturity in half an hour.
(9282252).

Tfw Fkstesuf Penzance (Drury Lane): .
Riotously vulgar- Broadway import
that sits Gilbert »nd Sulfivan on a
. whoopee Cushion. One or two brit
Bant set pieces, but is aD this strenu-
ously arthritic ™mpjr^g about really
preferable to the prim atari* of -the
D’Oyiy Carte tradition? (8386106)

Mbvtagf unspectacular account! of
the love sRair fay correspondence
between a New York Anglophile,
Helene H ang, and the owner of a
West find bookshop. (8381171)

Guys and Dolls (Olivier). A firsbdass
revival of this witty musical happily
laid out on tee open stage, with a
good selection of the acting talents
of the National Theatre and some
unlooked-for singing talents as wriL

Ge niu se s (Fairbanks): Author Jona-
than Reynolds advantage of a
stint watching Francis Ford Coppola
shooting Apocalypse Now to parody
the American Rim industry in
riotous re-creation of a jungle Ska
set awaiting the end of a «—*»■!
typhoon. (432 W. 42nd). (2794200)
Mae (48th Sty. Two dozen women sur-
round Rani Julia in this Tony-award
winning musical version of the Felli-
ni tom 8-fe. which like tee original
celebrates creativity, here as a se-
ries of Tommy Tune's erdting

NEW YORK

Agnes of God (Music Box): The fiery
trio- of Elizabeth Ashley, Geraldine

Plenty (Plymouth}: Moving on to
Broadway from its Public Theatre
opening. Kate NeDigan stars again
in the New York production of the
play written and directed fay David
Hare about Birope's transition from
war to peace over the last genera-
tion. (2396200)

Cats (Winter Garden): Director Treror
Nunn, fresh from tea Broadway suc-
cess of Nicholas Kctieby, h»g his
imaginative and frisky cats stink,
slide and dance their way across a
transfigured stage irr this lavish re-

- creation of the London hit. (2 3983 8 2 )
Top Girls (PubfacJ: After the Royal

Coart production enjoyed a short
- - soU-out nuvCaiylQnirehiD's rnmi-

- nations on ambitam and women re-
opens with a local cast including
film actresses l-md* Hunt, Kathryn
Grady end Sara Botsford, a gai n di-
rected by Max Stafford Clark.
(5987100)

Extremities (West Side Axis, 43rd W.
of 9th Av.): The realistic portrayal of
sadistic rape, with which the play
opens, makes lor uncomfortable but
rich drama, and author W illiam

M^Mdmiwia mumgM to maintain

high energy levels to c h a l l eng e an
excellent cast led by Susan Saran-
don and James Russo. (5418394)
Marcel Marcean (Befasco): ff anyone
can cheer up Broadway’s sagging
season it should he France's favour-
ite. silent down. (2396200)

Angels FaD (Longacre): Lan/ord Wil-
son's ponderous and pretentious nr
urinations on life after a nudear ac-
cident transfers botfly to Broadway
after a dedddy lukewarm reception
at the Circle Rep. (2396200)

WASHINGTON

Screenplay (Arena): A circus setting is
used by director Zelda Fichandler to
present Istvan Or kray’s last play,
which creates its own show trials
for a fictitious Hungarian pofitican

rfv-»11«d firm} hl< nmTmKgarim-thip in

Paris to witness the testimony pre-
pared against him. (2540895)

Show Boat (Opera House. Kennedy
Center): A cast of 50 from the Hou-
ston Opera company led by Donald
OCoonor revives the Kern-Ham-
meroteio musical of 1927 with its
brilliant score >*«-tnding ni g« OT
Man River, Bill and Make Befieve.
(2543770)

Urn Imaginary famfid (Arena Stage):
Guthrie Theatre's associate artistic
director Garland Wright presents
Argan and company with Marc An-
toine CharpentieFa original music
for MoHere’s masterpiece about
quackery hy pocho ndria in the
anden regime. (4883300)

The iw w — Cometh (Eisenhower,
Kennedy Center): Jason Roberts re-

* takes the role id Hickey und Jose
Quintero's direction for this O'Neill
revival of barroom reflections
throught the of the

(2543670)

Make and Break (Eisenhower): Mi-
chael Frayn's zany tragicomedy of
contemporary salesmanship writ
large at convention time gets its
American premiere with telly star
p et er Falk in *h p Leonard Hossiter
role, directed as in London by Mi-
chael Blakemore. (2543870).

. . CHICAGO

Dnet for Oms (Norte light Rep, 2300
Green Bay. Evanston): Tom Kem-
puukfs slightly veiled story of the
painful and frustrating accommoda-
tion of a concert artist to growing
debi lity stars Eva Marie Saint
(3697278)

E. B. (Organic, 3319 N. dark): This hit-
and-miss local company has a long-
running success with an earnest
parody of hospital-based melodra-
mas, starring Gary Houston as an
ambitions young doctor, Shuko
AJraae as the receptionist and Lily
Monkus as the authoritarian nurse.
(3275588)

VENNA

Vienna's English Theatre (421260):
Arsenic and Old Lace (daDy except
Sun)

Theater an der Wien (579632): Anatev-
ka (daDy except Moo)

Exhibitions

'. PARIS'

Giorgio <fi Chirico: Beaubourg is show-
ing some IM paintings and 40 draw-
ings tty De Chirico, tactading the
moat Im por tant ensemble of Ms
met ap h y s ic al work ever. Centre
Georges Rmspldoa, "Grande Galerie,
5th floor. (2771112). Closed Tue.
•Ends April 25 .

S iv r es From 1850 Tb Our Day: A pan-
orama of "the Sevres production
from file Second Empire creations
' to c ontemp orary abstract designs
with -at its centre- an enchanting
a nt wnhbi ‘of belle

epoque vases in pastel colours.
Louvre des Antiquaries, 2 Place Pa-
lais Royal, 11 am -7pm. Closed Mon.
Ends April 10.

. HOLLAND

van On dhc den. leideu
Egyptian hterogtyphics on papyrus
up to 4,600' years old. Ends April 4.
DhAomatic' Relations between . the
- Netherlands and the UJS. are oele-
brated is From New Amsterdam to
• New York, a collection of letters,
yiwftnga , r»i«wtea and photographs
reflecting life in early New York.
Amsterdam Historiscb Museum.
Ends April 4. . ' »

Dutch co n te m p ora ry artists, selected
by Albert WaaJkans. Museum Boy-
■ w|ang van Beuningen. Rotterdam.

. Ends April 4.

LONDON

Hayward Gallery: Landscape in Brit-
ain 1850-1950. A lucky-dip of an ex-
rather than a dose scholar-
ly exercise, but none the leas enjoy-
able for that The good things are
there to be discovered among the in-
terestingly moderate and even
sometimes rattier awful greater
part; and if some of the great names
are not too n eff represented!, Whis-
tler and Sickert for example,
enough of the more obscure are all
the more in evidence, and on their
very best behaviours, from minor
pre4taphae!itBs to fifties expres-
. gonlsts. Ends April 17.

The Barbican GaQecy: Rodin and his ,
Contemporaries - the great forma-
tive genius of. modem sculpture
seen for once not in isolation, but in
his tree and proper contact, his
work itself conditioned by the ro-
mantic mid-century tradition, and
reflecting the achievements of bis
great contemporaries. Degas lor ar-
ample, »"rt running on to affect di-

rectly the next generation - Picasso,
Bourdelle and Maillol conspicuous
aiming llwin Kmk April 10.

The Royal Academy: The C imab ue
Crucifix - one of the greatest and
most influential of the masterpieces
of the early Renaissa nce brought to
_ London by courtesy cf Olivetti. This
extraordinary and beautiful object
was made fay Cimabue In the 12fi0s
for the great new church of Santa
"Groce in Florence, where it hung un-
til it was aU but destroyed in the ap-
palling flood of 1968. Much of tee
pointing was irretrievably lost, but
tee rescue of so modi is a land of
miracle. Ends April 4

VIENNA

Muse um fur Angewandte Konst:
Meissner Forceflain from 1710 until
the present

Galerie Zacfc e, Schulers*. 15: Japa-
nese swords and daggers.

Opec House: Ecu ad or . Treasures of
the past

Babes Palfiy: Turkish weapons from
the Zagreb historical museum as
part of the celebrations for Turkish
year in Vienna. The collection of ar-
moury and weapons, many with in-
dividual id magical liarigna, dw w
development between the 16th and
19th centuries.

NEW YORK

Metropolitan Museum of Art: Those
overwhelmed by the sheer volume
of art at the Vatican will much ap-
preciate the present loan of 230
choice pieces, mriudiag the Apollo
Belvedere. Caravaggio's The Depo-
sition am) even modem faeces by
Matisse in what tee museum is eas-
ing its show of ft decede. Ends June
12

WASHINGTON

National Gallery: Seven major series
by sculptor David Smith are repre-
sented in the 80 large works in
welded metal included in the exhib-
it Ends April 24 (3572700)

Corcoran Galkry: The latest in the
. Corcoran's Biennials, a tradition go-
ing back to 1907, concentrates on re-
gional artists of the American west
with 30 taring painters represented
by 108 works. Eads April 3.

CHICAGO

Chicago Historical Society: Besides a
permanent collection with a visual
biography of Ilnroln. audio* visual
account of tee great fire and daily

de m onstrations of weaving and
inn^iwiaidng this regional institu-
tion has a special show of some-
thing Chicagoans must know well:
cold-weather clothing over the last
century. Ends May 1.

WEST GERMANY

-DtaeUocf, Kunsthallc The show of-
fers a com pr e h e n sive survey of
Henri Matisse. The 80 paintings in-
clude works on loan from Paris,
. New York, London and Moscow.

They are supplemented by a dozen
• sculptures. The focal point of the
show is the gigantic La Danse. Ends
April 4.

•ahrwteh Lenbachhans, 33 Luisen-
strasse: More than 200 paintings by
the Russian artist Alexei von Jaw-
lgrudty (1864-1941). and 15 works of
friends and contemporaries. Ends
April 17. ’

Berth*: National Galleria, 58

KurfurstenstraUe. The only German
venue of Swiss artist Ferdinard
piyfter exhibition, which offers the
first comprehensive survey of his
work since his death in 1918. Ends
April 24.

Bremen, Kimgthalle , 207 Am WaH.
Drawings, water cokmrs and pastels
by the 'Nates’ and the ‘Faaves’, two
French groups of artists from be-
tween 1890 and 1930. Ends April 10.
Hambur g: Kuns t faaU e, 1 Glockengiess-
- erwaD: Portraits from Martin Lu-
ther'S times. Bids April 24.

Bean, Stidttsches Kimstmuseam, 7
Rathausgasse: 140 works by Paul
Klee. August Macke and Louis Mo3-
fiet from a Tunisian trip which the
three took together shortly before
the First World War. Ends April 24.
Cniftfn* KunsthaDe, 1 Josef Haubricb
Bn* Georges Rouault - 280 paint-
ings. water colours, gouaches and
graphics. Eads May 8.

fag’l Museum fur V&lkerinmde,
84 Rothenbaumchaussee: The Mu-
seum Jar Ethnology is showing arts
and crafts from Guizhou (Southwest
China). Ends April 30.

Cologne, Wailraf-Richartz-Moseum.
An do- Reditsscbule: Irish art of
. three thousand years comprises vir-
tually all Irish national treasures on
from the Irish National Muse-
eum, Trinity College, Dublin, and Ir-
ish Academy of Sciences. Manu-
scripts, relics of Irish Saints and
utensils from tee workshop of Irish
monasteries; silverware; and gold
and silver jewellery. Ends June 2.
ftafcfart , Lfebighaus. 71 .Srtfiaum/iin-
Minprnn fnr Ethnology ic shoe*
tog Syrian Art Ends April 10

:*S*C '

Nick Nolte (left) and Eddie Murphy in *48 Hours*: a live wire twosome

Cinema/Nigel Andrews

High voltage heroism

48 Honrs
Table for fire
Aspern

Let's Spend the Night Together

We live hi an age of wildly
crossbreeding film styles, when
Westerns set in Space (Out-
land) or Gothic musicals
( Rocky Horror ) or film noir
comedies (Dead Men Don't
Wear Plaid ) ping forth regu-
larly from the Hollywood brain-
tank at the drop of a “ Eureka!”
Somewhere in Sunset Boulevard
there's a giant, all-wise fruit-
machine ceaselessly purring its
permutations, as moguls line
np to pall the handle and await
the box office jackpot.

In 48 Hours writer-director
Walter Hill (of Warriors and
Southern Comfort/ has pulled
the handle and produced an
odd triad of symbols: a police-
badge next to a civil rights
sticker next to a pap band, a*
’twere. For as crossbreed
genres go this is a disco crime-
thriller, with racial tension

t rimming *

Gruff-voiced, mucho macho
San Francisco police detective
Nick Nolte (has be been to the
David Janssen stteood of laryn-
gitis and law enforcement?)
sees a colleague shot dead in a
gunfigbt with two hoodlums.
The it's promptly escape into
the ..darkness and fog of China-
town. Hoping to run them
down, retrieve his reputation
and retain his badge, Nolte
springs an oid "crony Of. the
criminals (Eddie Murphy)
from jail for the eponymous 48
hours; and the chase is on as
the black Mr M, a cock-a-hoop
young conperson with Giorgio
Armani suit and walltnwall
grin, helps sorethroat Nolte
nasi the nefarious ones.
(Murphy's Interest is a bag of
swag to which he has proprie-
tary claim.

Only one climactic scene
actually detonates in a dis-

cotheque. But the whole film,
like a higher-speed version of
Hill's earlier jilm noir on a hot
tin roof, Oncer, is a strobo-
scopic witches’ sabbath of
sound and light. The orchestra
only has to catch a whiff of a
new chase scene for the brass
and tympany sections to go into
thunderous overdrive.

Somewhere amid all this
sense shelling din and decor is
some tinman interest trying to
get out And amazingly enough
it does. Hill has here aban-
doned the Bressonian restraints
of Driver's characterisation,
where amid razzmatazz action
and scenery Isabelle Adjani as
"The Girl" and Ryan O’Neal
as “ The Driver ” talked in
gnomic apothegms as if testing
oat each other’s English-as-she-
is-spoke pfarasebooks. Nolle
and Murphy are a livewire two-
some plugged into high voltage
Obscenities and a rich oytinoro
of Chandleresque throwaways.
(“That's Harry Wang," says
Murphy, looking at a corpse
photo; "He's looked better.")

Like the film itself, our two
heroes Uve the pace that kills.
And among the healthy side-
effects of Hill’s never stopping
for breath is that the screen-
play never stops for " You black
man, 1 white man, we must
reach dialectical synthesis”
platitudes. Racial tensions are
a cheerful, credible irritant
between the two men that
always resolves itself — give or
take a fight or shouting match
—and that ultimately advertises
the equality of red-hot impro-
-vised professionalism in the
pursuit of justice. As an
explosion of dramatic and
kinetic energy, 48 Hours makes
the average episode of S tors fey
and Hutch seem like a below
average episode of Stars on
Sunday. ^

If you had three children
called Truman-Paul, Tilde and
Trung. wouldn’t you consider
that you had problems? Jon

Voigbr plays worried of Malibu
in Table For Flue; a divorced
and fortyish father who tries to
make up for a poor parenthood
record by taking the children
on a luxury ocean cruise. Little
Truman-Paul, it turns out, is
dyslexic and has nightmares;
Tilde (female) is jealous of all
young women who float Voight’s
way; and Trung (adopted) is a
Vietnamese delinquent. Mid-
way across the ocean the ship’s
telephone crackles news of
Mama’s death in a car crash,
and Mama’s hubby Richard
Crenna announces that he will
rendezvous with them in a
Mediterranean port and take
the children back.

This is an offer, you would
suppose, that no sane caretaker
of these infants would refuse.
But Voight is beginning to love
them, dyslexia, deliquency and
all. He waivers briefly,
brokenly by the Sphinx, over-
come — as who not? — by its
sandbitten eternity. But the
comfort of a shipboard romance
with tiie non-sandbitten Marie-
Chrlstine Barrault reinforces
his mettle. The fight is on to
custodise the kids.

This is Kramer r s Kramer
boldly mounted in plain view
by Author Author, and the
spectacle is enough to frighten
the camels. But the problem
with weepie movies — and this
one had sniffles rending the
Press Show— is that a critic can
fully retain all his mental facul-
ties for 120 minutes but still
find himself reaching for dis-
posable tissues at moments of
high humidity.

The film is pure hit-and-run
sentimentality, perpetrated with
scant visual distinction by
director Robert Lieberman or
verbal by writer David Seltzer.
But Voight’s performance is the
key freshening element — he
bobs about like a buoy, shadow-
boxes with bis own thoughts
and responses, lets loose a
crinkly grin now and again like
a gleaming arrow — and under

cover of this near-to-human
zephyr the shameless heart-tug
contrivances blow in and as
often as not get you.

4r

Aspern. made with high dry
tone in present-day Lisbon by
Eduardo de Gregorio, could
have used some of this shame-
lessness. Henry James's novella
of literary heirlooms, sleuthing
collectors, and Ven ice-dwelling
grandes dames is one of litera-
ture's great wild (or elegantly
stuffed! goose chases. But de
Gregorio, modernising and
Porrugalising it, has opened the
windows and blown away all the
magic dust and the cryptic,
beautiful. Borges - prefiguring
claustrophobia.

Aiida Valli exhibits censorious
grace and alarming teeth as the
old lady: Jean Sore! hand-
somely but somewhat absently
inhabits the hero: and Buile
O gier assumes her wide-eyed
Ophelia persona as the go-
betweening niece. The original
story itself, if sowh be said,
was much ado about nothing
very momentous. But at least
it was much ado. Gregorio's
film isn’t even that:

*

Finally, and deafenlngly. Let’s
All Spend The Night Together.
Is this a Jagger which 1 see
before me? The unageing pop
demon and his fellow Stones
occupy the stage for a birtz-
krieging 90 minutes in Hal
Ashby’s wide-screen. 24-track,
all-colour screen record of the
group’s finest moments from
their 1981 . American tour.
“ Satisfaction.” " You Cant
Always Get What You Want.”
•’ Time Is On My Side.” “ Honky
Tonk Woman." and the rest.
The film is full-blasT. unrelent-
ing, and sometimes like being
Stoned to death. But the marvel
is Jagger, strutting and stomp-
ing and hair-tossing and pea-
cocking as electrifying as ever.
At 40-plus and in the post-
meridian of Punk, he's still
British rock music's greatest
living force of Nature.

Hit-and-run sentimentality: a scene from ‘Table For Five’

F.T. CROSSWORD
PUZZLE No. 5431

ACROSS

1 Girl carries on in Juliet’s
place (6)

4 Left in a rush, but made a
statement (8)

9 Take out a form (6)

10 Peel read out what he did
to the Corn Laws (8)

12 It’s for drawing daily fuel
( 8 )

13 Remarkable way to com-
municate (6)

15 Adds UP the numbers of
infants (4)

16 Title for a chapter in a
football manual? (7)

20 Tide may change between
sunrise and sunset (7)

21 Capital punishment (4)

25 Usual pattern followed by
an Anglo-Saxon conqueror
(6)

26 Came into force (8)

28 Plan to arouse one’s

curiosity (8)

29 Young female accompanist
( 6 )

30 A case for small savings (5-
3)

SI Cause a capital loss (6)

DOWN

1 The truth is, I act very

• strangely (8)

2 Sheepish roles in defence?
( 8 )

3 A pure beginner? (6)

5 Flat-iron? (4)

6 Order Enid to be submissive
( 8 )

7 Money-making facility (6)

8 Commonly do (6)

U Manservant turns up at a
Mediterranean port (7)

14 Very hard worker supports
a mother (7)

17 Great misfortune for Jane?
( 8 )

18 Far be it from Stan to get
into a gambling game (8)

19 An outstanding part of the
country (8)

22 Not well employed? (6)

23 It’s extremely small and in
favour of putting on weight
(6)

34 Very little time (6)

27 1 play in Roman children's
game (4)

Solution to Fade No. 5,130

FINANCIAL TIMES

operates a subscription
band delivery service in
the business centres of
the following major cities

AMSTERDAM BOMBAY BOTH

BflSTOH BRUSSELS CHICASO

C0UK1HE C8PENHABEM

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FRAHKFBHT SERBIA

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JAKARTA KOALA UIMPUB

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MEM YOBK PARIS P0BTD

ROTTERDAM SAM FRANCISCO

SlIgAPBBE STOCKROLM

gnjTTCAHT TAIPEI TOKYO

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WASH1HST0H

For information contact G. T.
Damor. Financial Tunes. Guiollett-
strasse 54, 6000 Frankfurt am
Main. W. Germany; Telephone
7698-0: Teles -410193: or Laurence
Alien. Financial Times, 75 Rocke-
feller Plaza. New Yortt, N Y. 10019:
Telephone 483-8300; Tries 238409
FTOLU1.

f

s' ;

v > • ‘\

12

Financial Times . Friday.Jitarch ^ ^ i

FINANCIALTTMES

BRACKEN HOUSE. CANNON STREET. LONDON EC4P AST
Telegrams: RnantTmo, London PS4.Telex: 8954871
Telephone: 01-2488000

Friday March 25 1985

Stop-go trade
with China

THE COLLAPSE of the £100m
deal between a consortium led
by British Aerospace and Vos-
per Thome ycro ft and the
Chinese for Seadart missiles and
the refit of two destroyers
throws into sharp relief the
continuing problems of doing
business with the People’s Re-
public. The contract was signed
last November, subject to rati-
fication by the Chinese Govern-
ment within a fixed period of
time. When the period had run
its course, the Chinese simply
said the deal was off.

This totally unexpected blow
to the companies conce&ed
comes after a phase in which
China has been steadily expand-
ing Its contacts with the outside
world. . Since Chairman Mao
died more than six years ago,
Peking has moved from putting
up with trade as a necessary
evil to warmly encouraging it.
This has benefitted the people
of China in terms of a higher
standard of living and a
healthier economic base.

As a framework for the new
policies, for the first time in
a country traditionally wary of
foreigners. Peking has evolved
a new legal system to smooth
their path, which covers foreign
joint ventures, tax on foreign
enterprises in China, and duties
on imports and exports.

Reversals

During this period, western
companies have maintained
profitable trade with Chinese
enterprises, selling plant and
equipment, and buying Chinese
raw materials and light indus-
trial products. While Britain
has not been the biggest
beneficiary, British wining
machinery companies, in par-
ticular, have gained contracts
worth tens of millions of
pounds. China is on the point
of concluding deals with
western oil companies for off-
shore exploration.

Yet this generally expanding
trend has seen curious
reversals. In early 1979, the
Chinese telexed about a score
of Japanese companies with
which they had contracts for
heavy industry equipment,
telling them to suspend
deliveries. When the Japanese
recovered from the initial
shock, they were able to renew
negotiations over payment
terms and most of the contracts
were re-instated by the end of
the year with the aid of loans.

Two years later, in 1981,
Peking once more unilaterally
cancelled most of its contracts

with Japan and West Germany
for chemical and steel plants.
While again much of this was
re- instated — and where it was
not the Chinese paid compensa-
tion — Peking has created a
cumulative impression that it
can be a less-than-reliable trad-
ing partner.

Inexperience

In part, this can probably be
put down to Chinese inexperi-
ence in foreign trade, and his-
torically, a lack of interest in
foreign attitudes. It may also
stem from a less legalistic at-
titude to the written word than
prevails in the WesL One ex-
ample of that is the way China
base rewritten- its state and

Communist Party constitutions
time and again since 1949.

But there are also deeper
reasons. In 1979 and 1981, there
were good economic grounds
for wanting to shelve expensive
schemes which devoured scarce
resources. Over-ambitious plan-
ning had precipitated short-
ages, inflation and substantial
budget deficits. This required
drastic cutbacks. bTis was un-
derstandable in 1979 and to
some extent in 3981, since
China was still recovering from
the prolonged muddle of the
Gang of Four. But by 1983,
Peking should be able to avoid
the swings in economic policy
which can result in putting
foreign companies through
years of costly and eventually
fruitless negotiation.

The impression remains that
economic priorities, as between
heavy industry, consumer goods
and weaponry, are still a poli-
tical foolbalL Powerful factions
within the leadership obtain re-
sources to benefit their own in-
terests, and, if their power
wanes, the resources are
diverted elsewhere. On top of
that, in for e ign policy, some
groupings appear to lean more
towards the Soviet Union and
others to the WesL This affects
perceptions of the degree of
military threat to China, and,
hence, the urgency or otherwise
of military modernisation.

Mme Chen Muhua, China’s
Minister of Foreign Economic
Relations and Trade, is in
Britain for a week's visit as the
guest of the Secretary of State
for Trade. She is welcome as a
sign of China's increasingly out-
ward-looking policies and of
closer trade ties between the
two countries. But China will
get the best business deals from
co-operative partners, and co-
operation requires stability and
mutual confidence.

Flaws in the
Police Bill

THE FALL IN STERLING

Canute and a tidal wave

By Anthony Harris

'jr't TERLING " slide" ’con-
tinues.” The word
“ crisis.” much on
parade in January, is clearly
being kept ready for use; die
printers’ slugs which spell out
“New all-time low" are already
getting worn. Yet the official
world seems totally calm. The
Chancellor has nothing to say
about exchange rate objectives
in his otherwise firm rhetoric
on Budget day, and only yes-
terday an American reporter
was allowed to gain the quite
misleading Impression that the
authorities are covertly en-
couraging the slide.

Meanwhile a merchant
bunker with good industrial
contacts observes “with sterling
at DM 3.50. they ought to be
dancing in the streets in Bir-
mingham.

Is this then a crisis, a wel-
come adjustment, simply one
of those things ? The ques-
tion is a great deal harder to
answer than it may appear. In
an ideal world— -the world
which it was once imagined
would result from the general
floating of exchange rates —
rales would adjust to reflect
such things as relative inflation
rates. The “real exchange rate”
—the relation between what a
pound will buy at home and
what It will buy if converted
Into foreign currency — will re-
main pretty stable. This stabi-
lity will be disturbed by
structural changes, such - as
Britain’s emergence as an oil
producer, so it might be expec-
ted that the real exchange rate
would have risen quite sharply

The real world is not like
that, as a glance at the chart
will show. It is hard to say
even whether the pound is now
high or low. Against the dollar,
the real exchange rate is now
actually lower than it was
before we became an oil pro-
ducer — but then the dollar is
now, by general consent, over-
valued. Against the D-mark we
are a long way down from the
peak, but still well up on the
pre-oil norm, so that competi-
tion remains very challenging;
only the red-blooded will feel
like dancing in the streets.

Further comparisons only
make the picture more confus-
ing. Sterling is still sharply up
against the yen, yet Japan
remains the most efficient and
dynamic economy on earth. On
the other hand the pound Is
heading baric towards its his-
toric parity with the Irish
punt, which is obviously crazy;
Ireland is still suffering high in-
flation, is riddled with debt and
is in ihe middle of what is a
crisis by any standards. Trying
to measure the “height” of the
exchange rate in the markets
we have nowadays Is like try-
ing to measure the height of a
lighthouse from a boat in the
middle of a succession of tidal
waves.

The lighthouse analogy will
serve to illustrate another
point; for if the Government
chose to say anything about the
exchange rate, it might justifi-
ably argue that the impression
that sterling has sunk since the
oil price broke is deceptive. It
is simply that all the other
currencies we watch are going

- Trade-weighted Indices

tgmlM«baM jr —

70

8

7

6

5

4

3

D-Mark

Sterling

140

130

120

110

100

»0

BO

70

- Real

Souk*. FI

Exchange Rates

MM Mu.

/

r

Sterling

ac«NST THF _

V

-s_ /'I

.D-MARK

1

J

:

viBI IUI

AGAINST TIC

.^—DOLLAR

1975

1976

1977

1978

1979

1980

1981 1962

1983

8

7

B

5

4

3

Martjn Burma

The lower cha rt of exchange rates corrected for relative i n fla ti on shows that although sterling has fallen recently against the DM, it is still
historically expensive in real terms. Against the dollar, however, It has fallen in real temu almost bade to the levels seen in the 1974 crisb- As
the upper dart shows, this is largely due to a rise of nearly 30 per cent m the dollar’s trade weighted index In the last two years.

up. In the same way, a light-
house looks shorter when the
tide rises.

The Justification lies in the
fact that the North Sea has nor
actually turned sterling into a
petrocurrency; our net oil ex-
ports are not huge, and a good
proportion of the money they
earn is taken home by foreign
companies operating in the
North Sea. We have, however,
some oil-immune in a world
which is largely very vulner-
able to movements in the oil
price. Cheaper oil makes only
a marginal difference to our
own external position, but does
wonders for the U.S., Germany
and Japan.

In a general way, then, it can
be said that the Chancellor is
in much the same position as
King Canute If he sits still
while a tide Is floating every-
one else up, he will get wet feet
(indeed, since the relative fall
of sterling is a stimulus to
industry; even if some way
short of dancing in the streets,
one might say that the trouble
in Opec has turned Sir Geoffrey
into a wet in a more political
sense). Like King Canute, to
do justice to that much mis-
understood sage. Sir Geoffrey
knows that it is no use oppos-
ing a rising tide with edicts.

All the same, we do have
some freedom of movement on
our stretch of foreshore, and
while nothing could have pre-
vented some relative fall m
sterling, it is still legitimate to
ask whether we have simply
sat waiting, or moved to potenti-
ally drier ground, or have
perhaps moved positively down

to meet the tide earlier, and
got wetter. To judge this, it
may be worth looking at a
measure of monetary policy
which has been largely for-
gotten in this country since oil
carried us beyond the disci-
plinary powers of the Inter-
national Monetary Fund —
domestic credit expansion.

DCE, very broadly speaking,
measures potential monetary
growth generated at home. If
the money created by bank
lending (to government as well
as private borrowers) is kept
at home, then the broadly-
defined money supply, sterling
M3, will rise in step with iL

If financial policy is tight
one would usually expect to see

FURTHER comparisons
only make the picture
more confusing. . . Try-
ing to measure the height
of the exchange rate in
the markets we have
nowadays is like trying
to measure the height of
a lighthouse from a boat
in the middle of a succes-
sion of tidal waves.

a surplus an the current account
of the balance of payments,
due to the restraint of domestic
spending; these foreign earn-
ings will add to the money
supply, and money growth will
exceed DCE.

If policy is lax, on the other
hand, lending will be excessive,
spending will exceed Income,
and some of the money created
at home will leak abroad.
Money growth will be less than
DCE.

Our present situation, how-
ever. is more complicated. The
UK has a strong current account
balance of payments (or had
until this year), and our home
economy is depressed; this sug-
gests that policy is very tight

On the other hand, Britain has
sprung a leak on the capital
account— domestic money . is
going abroad. This flow was
last year enough to swamp
a £4}bn balance of pay-
ments surplus, and leave "ster-
ling weak Through a series of
accounting identities, this means
that DCE has been rising faster
than money growth, which looks
like slack policy. The excess
in the last 12 months have been
very large — an average of
more than £7 50m a month. .

It is tempting to conclude that
this “ proves ” that sterling’s
weakness is due to lax credit
policies, and that just as in 1978.
sterling is being undermined
by a failure to watch the right
indicator at home. The appar-
ently orderly monetary figures,
on this line of argument, are sot
reassuring at all; monetary
growth has been moderate only
because so much money has
been flowing overseas.

However, this robust conclu-
sion is misleading. It is always
dangerous to read one .'side of
an accounting Identity as cause
and the other as effect; It is an
open question whether a tighter
policy at home would have
checked the outflow and . so
strengthened sterling, or would
simply have depressed monetary
growth and the whole economy
with it It would probably
have done a bit of both.

The most that it is gsafe to
conclude is that until quite
recently domestic policy tended
to permit outflows. When they
were bigger than bur foreign
earnings, the difference was
made un by intervening in the

exchange markets, hr; by selling
Government stock to foreign
investors; and- part or the out*
flow was created by allowing
banks to lend- needing -to.
foreigners to buy qur exports
in addition to lending ot bom*.

All these are different .wears
of financing outflows without
raising interest rates 'at home,
and they ail tend to raise DOS
above money growth.

In other Writ*, the Govern*
meat was giving * higher
priority to cutting mere s t r ates
than to sterling, as we all knew
■ at the time, 'wheat, the market
finally imposed a rise in interest
rates during - the Prime

. Minister's visit to the Falkland,
she was displeasedr but the
excess credit creation is now
. sharply lower.

H . other (blags bad . been
equal, tills thanes should have
checked the fan in sterling; but
they are not equal. The oil
. situation is still . -far from
resolved, the trade "figures have
taken • sharp turn . far the
worse since the deceptive large
surpluses in Nu**mh«r and
December, . and the markets
have begun to fear that the
next move in U J5- Interest rates
wti be up rather titan down.
Meanwhile Germany and .Japan
have much improved their own.
trade performance. For all
these reasons, sterling has
remained the wallflower at the
foreign currency ball. .

This is not just a matter of
bad. lack; thanks to a most
ironic ptiec* of iogle, the de-
pressed state of the oil market
and the thre a ten in g condition
of- the; U& : hart marker are
closely connected, tw* is
because the' Opec countries
were very large investor* in
dollar balances- and securities
when they had a surplus.

Failing prices, have made
some dent in the aurpus, but
their falling market share has
done the real damage;-, the sur-
plus has vanished, the money
has fallen into ‘ less miserly
hands, and bonds are harder to
. soil. A US. government deficit
which might have been man-
ageable whea-Opec-. was invest-
ing Sioobn a year Js now a
Winding headache.

In all these circumstances,
the Government is In an un-
enviable position: almost any-
thing it ;does is liable to go
wrong. If interest rates are
•Bowed to rise .Again, the mar-
kets. might suspect paste, as
they did after a celebrated
jump in Bank Kate almost 20
yean ago; the economy would
be depressed, 1 and sterling
would fall faster. If they issue
proclamations of their wishes,
they may be left in the posi-
. tion of King Canute with noth
hug but a wetting to show for it
If they do nothing., which
appears on The face of it the
. wisest course, they invite the
suspicion of wanting sterling
lower. • - -

There- is one thing that
might work; though, The mars-
kets will . rescue sterling as
soon as they believe that there
. is a reel upside potential (those
who sold .at $1.60 in 1976 are
still smarting), and there is a
political discount on sterling at
the" moment A 'June election
could make all the difference.

THE STORM now raging over
the Police and Criminal
Evidence Bill bas been a long
time gathering. Published in
November, the Bill has-been
in committee since January, but
only this week has the Opposi-
tion firmly committed itself to
the goal of repeaL At the
same time, to the Government's
astonishment, a coalition of
bishops and lawyers has
mustered sufficient support to
provide a serious challenge to
the Bill when it reaches the
upper house after Easter.

The Bill’s immediate roots
are in the 1981 report of the
Royal Commission on Criminal
Procedure, which attempted to
moke sense of the morass of
common and statute law govern-
ing the criminal justice system
at its pre-trial slage and to do
so while maintaining an accept-
able balance between the
police’s need for effective
powers to investigate and the
innocent Individual’s right to
liberty and absence from
intrusion.

In the event, the Government
rejected, many feel regrettably,
the central proposal that respon-
sibility for prosecution should
be taken out of the police's
hands, as in the case in most
other countries.

Instead, the draft bill con-
centrates upon codifying police
powers, most of which already
exist, but in ill-defined form.

It is in the first area of de-
tailed codification that hackles
have been raised highest, with
opponents arguing that twixt
Royal Commission and draft Bill,
the police have been allowed too
much influence. In part, this
is unfair. The precise lan-
guage of a Bill was bound to
appear more stark and there-
fore potentially more threaten-
ing than the generalisations of
the Commission. Indeed, some
of the criticism against the Bill
has been provoked mainly by the
definition and description of
long-existing powers of which,
no doubt, most citizens were in
ignorance.

The power to set np road-
blocks, for example, is less a
case of bringing Ulster-style
policing to Britain than a
statement of limits to pre-
existing powers. Provisions
about the length of time a
suspect may be held in-
communicado sound harsh (38

hours without being allowed to
talk to a solicitor), but in effect
replace a system In which there
were no effective limits.

Concern over clauses 9 and
10, however, is of a different
order. Clause 10 permits the
police, on application to a
circuit judge, to demand
confidential information from
professionals such as doctors,
lawyers, social workers and
perhaps even journalists, and if
they refuse to give iL to seize
the information.

The judge need only be
convinced that the professional
in question possesses evidence
relevant to “ a serious arrest-
able offence ”. Clause nine
makes the same provision for
other innocent people who are
holding “ n on-confidential ”
information, except that in
these cases only a magistrate's
approval is required to set the
process Jin motion.

Imprecision

The Government says the
police need these powers,
especially in fraud cases, where
power to search for evidence Is
now very limited. It also points
to rare cases' of doctors refus-
ing to hand over important
evidence such as, in one case,
the bullets from a patient's
body.

It has not explained, however,
why it needs to legislate for
the search power on such a
broad basis, tf fraud is the main
problem area. Moreover, its
definition of “serious arrestable
offence,” even in its recently
amended form, is still far too
vague and subjective. Either the
Royal Commission’s “grave
offence” category or the Law
Society’s suggestion of a rubric
of specific offences is prefer-
able.

Although most of the clamour
so far has revolved around the
medical . profession's outrage at
Clause 10 — and this Is Indeed
an area requiring the utmost
sensitivity — the flaw of im-
precision and therefore of
excessive latitude runs through
both Clauses 9 and 10. Unless
the Government can produce
precise reasons wby the police
should have these powers and
precise safeguards against their
abuse, (he Lords will do the
country a- service by rebuffing
the BilL

Men & Matters

Hearne's exit

There wasn't a spare seat at
yesterday’s press confererse for
Trlcentrol’s year-end results.
But reporters anxious for more
details of Graham Hearne’s sur-
prise resignation on Wednesday
, were sorely disappointed. The
former chief executive was not
around, and the oil company's
flamboyant chairman, James
LongcrofL refused to depart
from a perfunctory prepared
text on the matter.

Both men had been more ex-
pansive earlier, however. Long-
crofL "a tax exile living in
Switzerland, said it was “abso-
lute nonsense” to suggest the
two. of them had not got on.

“I didn't get in his way. It
wasn’t me, I can cope with any
management structure. But
boards of companies are funny
things. My board decided it
wanted a direct link with the
exploration side. This meant
changing the structure.”

The new arrangement calls
for joint managing directors,
one for finance, the other for
exploration, each reporting to
LongcrofL This .obviously left
little room for Hearne who was
brought in as Chief executive
only two years ago.

A lawyer by training, Hearne
was picked out by Ronald
Grierson back In 1967 to join
the small group wbich helped
to set up the Industrial Reorga-
nisation Corporation. Also in
that group was Christopher
Hogg; now chairman of Cour-
ts uids, where Hearne, after
seven years at Rothschilds,
later became finance director.

Hearne says be enjoyed his
brief spell at Tricentrol “ tre-
mendously," but that it was im-
portant not to stay In a job
where " one hasn't got the
authority one needs.”

He is fairly philosophical
about his future. “I’ve been
in a lot of businesses: textiles,
banking, oiL The oil business
is very exciting and still has a
lot of potential despite the cur-
rent problems.

“But oil isn’t the be-all and

“ We could ask David Atten- ■
borough to gfve the shop
stewards a talk on the life-
cycle of the lemming.”

end-alL I shall be looking to
stay at the same level in busi-
ness but not necessarily in oiL”

Political fare

What do politicians eat apart
from their words ? Or with
them ? Well, Margaret
Thatcher, it seems, is partial to
frozen orange mousse. Chancel-
lor Sir Geoffrey Howe plumps
for avocado mousse — but offers
a thought from Mao Tse Tung
to help it down: “ Thrift should
be the guiding principle of
GovemmenL .

Three books (75p each and
laid out on party lines) of
British MPs’ favourite recipes
and quotations published yester-
day show that Michael Foot
(parsnip and orange soup) and
Denis Healey (carrot and
orange soup) are closer in some
things than I imagined. ,

But Foot offers a helping of
Byron with his dish; while
Healey spikes his with Kierke-
gaard.

Tony Be on offers a pint mug
of Co-op tea “on the hour or
more ofien if necessary "—but
few words of sympathy with iL

Ten per cent of the sales of
each book, compiled by Sue and
Nick Gregory, will go to the res-
pective party funds. But even
this has not been enough,
apparently, to persuade Roy
Jenkins to justify his reputation
as a bon viveur.

The Liberal/SDP Alliance, in
fact, seems anxious to present
a proletarian image: David Steel
recommends Welsh rarebit;
Clement Freud, bread and but-
ter pudding and Tom McNally,
raw tripe.

“ It is better to eat tripe than
talk iL” he adds, in his own
words.

Rome falls

The closure of the Pantheon in
Rome — after a piece of stucco
fell on the head of a German
tourist— only accentuates the
sad state into which many of
the city’s ancient monuments
are falling.

In a belated effort to save
some of the best known from
the devastating effects of 30
years of atmospheric pollution
and traffic, many arches and
columns are now wreathed in
scaffolding or wrapped against
tiie elements white they await
repairs.

But an elaborate plan to open
the Roman Forum to archaeolo-
gists and dose an Important
main road in the interests of
history has been Inexplicably
deferred by Ihe ' newly-
appointed Minister of Culture
Nicola Vernola. Hits has deeply
depressed those who hoped that
the restoration of the Roman
monuments was at last to get an
enormous impetus (and sub-
stantial funds).

Giovanni de Geso, superinten-
dent of monuments, says be
finds little enthusiasm In the
Ministry even to start work on
the Pantheon at a relatively
modest cost -of £130,000.

As if that were not enough,
Rome's Opera House was also
closed earlier this week on the
grounds that it is unsafe. And
Pope John Paul this weekend
inaugurates Holy Year, which

is expected to bring to Rome
tbs greatest influx of visitors
ever.

Well-meant

If oil spills could be cleaned
up by committee, the southern
Gulf states would have nothing
to fear from the thousands of
tonnes of heavy crude pouring
from damaged wells in Iran’s
Nowrooz field.

The Bahra i n Government has
set up its own action committee;
and ihe United Arab Emirates
has done the same.

Then there are ROPME,
MEMAC and GAOCMAO all
eager to help. The first is the
Kuwait-based Regional Organi-
sation for the Protection of the
Marine Environment, which Is
trying to get one of its mem-
bers, Iraq, to agree to a cease-
fire while Red Adair’s company
seals the leaks.

MEMAC, the Marine Emer-
gency Mutual Aid Centre, is
ROPME’s Bahrain-based off-
spring.

While the last, the Gulf Area
Oil Companies' Mutual Aid
Organisation, stands ready to
throw its booms and skimmers
in defence of the beaches — pro-
vided it can be sure of recover-
ing its costs.

Once Iraq bas been persuaded
to give up a military advantage
to prevent ecological dis-
aster, perhaps the most prac-
tical step would be to put the
cleaning-up job out to tender.
It seems to work with refuse
collection in Britain.

No comment

A friend walked into a Dublin
newsagent’s and asked for the
Financial Times. ■ "Would you
be wanting yesterday’s or
today's?” came the reply.

“ Today’s, of course," said my
friend, somewhat puzzled.
"Then it would be best to try
again tomorrow,” he was told.

Observer

Our motor

industry:
can it

get the
economy
back into
top gear?

On Monday May 16 at London’s Grosvenor
House leading speakers tram Government
and Industry will give their ideas andviewsata
conference entitled The British Motor Industry---
Its Potential To Generate Industrial Recover •
organised jointly by The Soctey of Motor r
Manufacturers and Traders and the "
Confederation of British Industry.

SPEAKERS:

The Rt Hon Patrick Jenkin

Secretary of State for Industry
Sir Campbell Fraser President CB1
MrGe°r^ Turnbull President SMMT
Mr John Fleming Vauxhall Motors
Dr Philip Harvey fCI

Mr Harry Hooper Armstrong Equipment •

Mr Ray Horrocks BLCara -•

Mr Jan MacGregor British Steel Corporation .=
MrGarelRhys University College Cardiff
Mr Sam Toy Rand Motor Company

Farther detafecontad Uz WtoOie Secieiy of Meter. , ' / v“ ’ - •
and Traders KAm Street, ■ ^ J v .

Lonocr Swi x 7DSTe*eqhore Ol-?£¥oO • --

BRITAIN’S TOURIST INDUSTRY

Why operators are nervous

By Arthur Sandies

Lombard

Another crisis
scenario

• j>-

-V

■-V

■Cl

'-sa

FOR THE past three years at
least ftp British .package tourist
has been the wonder of Europe.

While, the West German jnarket

faltered as that, nation worried
about inflation and unemploy-
ment, ~*Bd as the Scandinavians
also grew nervous,' the British
blithely scraped . up their
weakening; pounds and Beaded
for foreign dimes. Some 15 per
cent more Britons took off for
the-beUdayoountrles ofEurope
last year than- the year before—
a ' flow ' which ' helped 'push: 'the
.UK -into a deep deficit on its
tourism account (some £408m).

Now, however, there is talk
of even the' British retreating.
Package tour bookings are cur-
rently well down on last year,
a month ago they were showing
a 17 per cent fall off.

. Needless to say this news
sent up alarm signals among
Britain's tourist destinations.
But things may not be as bad
as^ihey seem. ■

The . British are increasingly
vtating hntil the lest minute be-
fore. making their ' holiday de-
drions. The result is that March
sȣ April, once dead months,'
axe now peak. boohing periods:

At the moment bookings "are
pouring in. Whether they .will '
eventn^By - reach ■ last years'
figures remains the open ques-
tion arid.-mthr^y-etMtogh, the
tour operators themselves are
taking ah optimistic view

But- If the pessimists are
right *- and the present flow of
bookings does not continue —
the implications for the hoteliers
of Terreinolinos and the bar ten-
ders of Corfu will be consider-
able. ■ The British, 1 along with
the Germans and Swedes, pro-
vide a massive Slice of the
Spanish, Greek, Jugoslav and
Portuguese ' middle bracket
tourist business. U.S. tourists,
whose dollars have substantially
appreciated- In 'value in recent
months, tend to provide custom
at the aimer' end Of the busi-
ness. while ' domestic and
motorised visitors (predomin-
antly Germans) AD the one- and
two-star properties.

In a good year .well over 3m
Britons go to Spain, lm to Italy,
400,000 to Portugal, and 260.000
to Greece. More than 500,000
Britons can be expected to in-
vade -the tiny island of Cyprus
alone, - France .remains the
biggest single benefleiaiy of the
UK’s touristic- large sse with
m6re- than 4ih UK residents
crossing the Channel for a touch
of vin ordinaire and free range
escargots. >\

The currency
swings and
roundabouts

BRITAIN’S tour operators
price their packages according
to the rotes "of " exchange '
p ub li s h ed in the Financial
Times on uniform dates. For
next winter all major
operators have used March 1
Information. For 1984 summer
programmes. If past form is
any indication, the chosen date
will be early in July. The
operators eiat™ that by doing
this the customer can see that

there is no hidden manipula-
tion of surcharges.

This system produces
considerable problems. Many
Britons are currently on
winter sun and skiing holidays
which were priced on March
2982 exchange rates.

Then there were 30.44
Austrian Schillings to the
pound. UK winter sports
enthusiasts know that the rate
was 25-25 earlier this week
and that they win be lucky to
be getting 24 at local banks.
The dollar rate was 1.82 (L47
this week).

But it is not all one way —
the wobbly peseta has further
weakened from 188 a year ago
to 200 this week; the Greek
drachma has gone from 113 to

Suggestions that in the sum-
mer of 1983 tiie British might
actually choose to holiday at
home have provoked a degree
of nervousness; -not least among -
investors who have leapt on the
tourism bandwagon via such
quoted companies -as Horizon.
Saga and Zatasun.

If UK . tourist traffic to
foreign parte- did decline - this
year It would simply be follow-
ing the example of others. In

1981 and 1982 there was a con-
siderable real decline in German
foreign expenditure on holidays, '
Professor Georg Bletie. of the
West German Heilbronn Tech-
nical College, recently told the
ITB conference in Berlin (the
world's largest tourism gather-
ing) that the German tour in-
dustry has had a “rude awaken-
ing* from its ‘Tar too optimistic
assessments of growth."

“Many tour operators went
bankrupt. In order to intro-
duce economies, numerous tour
operators were forced to reduce
the scope of their programmes
considerably. Countless inde-
pendent travel agents became
the victims of this unexpected
downturn. In the first half of

1982 the Federal Statistics Office
recorded 42 bankruptcies in the
travel agency sector.*’

But in Britain, too, there are
signs of woe. In the first two
months of this year five UK air
tour operators suffered the in-
dignity of having their licences,
suspended by the Civil Aviation
Authority. One. Buddies, was
rescued from the brink of
disaster, being taken over by

Pontius, the Bass subsidiary.

At the moment the Civil
Aviation Authority Is doing its
half-yearly screening of tour
companies. Some 320 groups
are involved at the moment and,
of these, it looks as if at least
between 20 and -30 are going to ■
end up in the inquisitorial chair
as a result of doubts over their
fortunes. -Most will be asked to
put up more capital to be better
able to survive what could be a
tricky year. Some will not be
able to find the extra cash.

The CAA resents being
criticised on one side by the
media for being too lax (was it
slow in pulling the rug from
Laker?) arid on the other from

THE Civil Aviation Authority
issues the licences which all
UK tear operators need to
sell air package tours
-legally. Some 320 licences
are due for renewal by
March SJL Any application
which seems to need farther
questioning is referred by
CAA officials to board
member Mr Brian Smith,
(right). The fall CAA
board looks to him for a
final recommendation on
whether or not the licence
should he continued. Snch
are the pressures this year
that 'Mr Smith is holding
“two or three meetings
a day” with tour operator
hopefuls who still have
questions to answer before
&30 next Thursday evening
when the final axe falls-

125.5 and the Portuguese
escudo from 129.5 to 141 to
the pound.

Most tour operators seem to
have relied on this swings and
roundabouts position for the
past couple of years. The
general advice they received
that the sunshine currencies
would be even weaker than
sterling has proved accurate
with what one tour operator
described as the “ baffling
exception " of Italy (It was
2,335 are to the poand and is
now 2,129). The gains made
here have to some extent
counter-balanced the losses In
dollars (needed for fuel).

Tour companies do, of
coarse, bay c ur rency forward

to a considerable extent. “ But

smaller operators for being
over-zealous. The small com-
panies complain that the con-
stant pressure for more capital
only helps the big boys with
huge parent companies.

According to the CAA too
many tour operators are over
optimistic about the future and
make over-large commitments.
.“Optimism is all right but it has
to be baeked by the right finan-
cial resources. ."We get a lot
of stick but people forget that
our main work is the monitor-
ing of companies. This is the
one time they have to sit down
and look at their figures
properly. We are able to point
out to them that they need more

you do not remove all your
risk that way,” says Thomson.
“Ten still have to estimate
your needs. Get it wrong and
yon are in trouble.”

A lour company, for
example, that specialised in
Portugal and Austria and
bought equal amounts of both
currencies, then saw its
Portuguese custom flop* -and
Austrian business soar, would
be stuck with sackfuls of a
weak currency to pay bills in
a strong one.

The companies have been
trying to overcome this by
offering price guarantees
particularly to those
customers who book early —
thus making prediction easier.

money.”

Nervousness about lesser
known companies is beginning
to show. Some 18 companies
control 70 per cent of Britain's
package holiday business and
the top six — Thomson, Iota sun.
Horizon, British Airways
(mainly Sovereign and Enter-
prise), Cosmos and GSL/Wings
— probably account for half the
market of between 5.5m and
6m air charter package lours.
This leaves thin pickings for
others.

Market research suggests that
this year has seen a further
tendency for customers to deal
with these bigger companies.
Thomson, which carried out a
big price cutting publicity cam-
paign immediately before
Christmas, appears to be coming
out narticularly well.

All these big companies, and
for that matter almost every-
one else in the business, are
suggesting that it is far too
early to start crying wolf over
£ decline this year.

Horizon's chairman, Mr Bruce
Tanner, points out that while
sales were down 30 per cent in
December the current figure is
rather better— around 10 per
cent.

He suggests that business may
turn out about the same as last
year, or even up “ three or four
per cent." Mr Roger Heape,
managing director of Thomson
Holidays, is even more optimis-
tic, suggesting that business
could be . up by as much "as 10
per cent'

All these forecasts suggest
that the trend towards late

bookings will he greater than
ever this year. The trend has
been encouraged by the fact
there is ample capacity in most
resorts (other than prime ones
in the peak of the school holi-
days) that early bookings can
be subject to surcharges and
that discounts are frequently
offered as last minute induce-
ments.

Discounting is already wide-
spread for the current early
summer season.

A recent survey of the busi-
ness by researchers Euromoni-
tor suggested that 20 per cent
of UK package tour sales last
year were made at lower than
the originally published price.
This may help to explain why
the UK market, like the Ger-
man. has shown a decline in
real value, in spite of an In-
crease In the number of holi-
days so !d-

Another explanation for the
decline is that Britain has been
adjusting its holiday plans to
its pocket Lons haul business.

in particular, is showing signs
of strain. Last year traffic to
the North America fell by 21
per cent and to other non-
European destinations by 3 per
cent. The increases have been
to the package tour heartlands
— particularly Spain and
Greece.

Another winner has been
France, which accounts for
more than 40 per cent of
Britain's independent holiday
traffic (most of it by car) and
only 13.5 per cent of the pack-
age tour trade. The British
middle classes, tempted by a still
relatively weak franc, and
deterred by the sheer cost of
holtdaymaking in the Caribbean
or the Far East, have been trund-
ling their cars into the French
rural areas in considerable num-
bers.

All in all the major tour com-
panies seem to reckon that
things are nowhere near as bad
as has been suggested. Even
Horizon now says -that bookings
have improved steadily and are
now “ coming in at a greater rate
than at this time last year.”

For some of the companies
that are not in Horizon's for-
tunate position, however, the
sluggishness of sales may prove
a problem as the CAA's fitness
test looms. “ In the old days at
this time of the year people
lived off the fat of . their
deposits for the coming sum-
mer,** says the CAA. “Those
times are over.”

By Nicholas

SUFFICIENT SCORN has
already been heaped upon the
buzzwords and jargon of the
times, the “meaningful, rele-
vant and ongoing situations " or
those “ compatible interfaces."
They are a form of verbal pad-
ding. They add weight and
mystery to what might sound
deflat lngly simple wben spelt
out in English. Yet there are
other words which are annoying
in a different way: in themselves
these words are fine, but they
are used to such excess that
they come to represent delusion
and hazy logic.

Crisis is an example. It has
been used and used in recent
years to the point of total de-
basement. The true crisis is the
moment in a disease that is
decisive of recovery or death.
Yet today it Is used to mean
the disease itself. We have. In
the first words of the first
Brandr Report; a crisis of inter-
national relations and the world
economy. We have a debt crisis
and an oil crisis and crisis in
the transatlantic partnership.
The second Brandt Report is
called Common Crisis and this
sounds about right, and tells us
nothing.

Model

The result of this plethora of
crises is that a crisis mentality
Is fostered. This is not a state
of alert but a dull and nagging
feeling that the odds arc heavily
stacked against all enterprise.
Those who bandy the word
“ crisis ’* about presumably hope
for the opposite effect— they
want to prick us out or our
complacency and into corrective
action. They would do better to
find exact words to describe the
malady: the article on the forth-
coming economic summit by
Robert Honnats in this naper
on Wednesday was a model of
this approach. After diagnosis
and prescription the crisis,
when It comes, will be more
likely to mark a change for the
better.

Scenario Is another nodern
impostor. Last week the senior
economist of a big French bank
told an audience of London
bankers that he saw four
scenarios for the world
economy— steady growth, inter-
mittent growth, stagnation and
depression. He ventured that
the middle two were more

Colchester

likely than the first and last
This took him an hour and
seemed nice work if you could
get it.

Scenario and her twin sister
PROBABILITY have taken aU
Of the pain and much of the
usefulness out of economic fore-
casting. Like the floating rate
loan they are an elegant device
to shift the risk onto the
customer. And as with floating
rate loans scenarios are starting
to undermine the worth of those
who advance them.

Uncertainty, like crisis, is
a word so frequently used at the
moment that it suns to subvert
people's ideas of normality. The
markets, we are constantly told,
hate uncertainty. The world
economy is beset by an unusual
degree of uncertainty. Yet in
fifteen years writing for this
newspaper X can never re-
member a time of certainty':
everybody seemed worried most
of the time. One can, in retro-
spect, maintain that things were
once more certain— but the
point is that no one realised it
at the time. Uncertainty is the
reverse side of opportunity, just
as risk is of profit, and we only
demoralise ourselves if we con-
vince ourselves otherwise.

Finally, Liquidity. In a world
of international money and
banking, where only a faded
remnant of sovereignty attaches
to any national currency,
liquidity is a word whose use
has left even the addenda of
the Oxford English Dictionary
far behind. It is a most useful
abstract noun meaning the ease
with which assets can be turned
into cash, and also, Increasingly,
the freedom and confidence
with winch deposits move about
the banking system.

Godsend

But beyond these meanings
liquidity becomes a godsend to
the imprecise. What do people
mean when they say that “ mar-
kets ore awash with liquidity,”
while interest rates arc at
record real levels? Or when
they argue a need for “ greater
global liquidity through a new
issue of special drawing rights."
Liquidity can become a mystical
euphemism for money for loans,
for aid and ultimately for the
free lunch. When people start
talking liquidity, you start look-
ing at them over your
spectacles.

. 5SW 5-- '•-> . 'Ji-J—

Letters to the Editor

The market m coal, the price of oil and the EEC

From Ur D. RoUo
. Sir,— Mr Xusgrave (March
21)- supports the idea of import-
ing coal, but Ignores, the fact
that the UK has to pay its way
internationally. With the run-
: down of industry . and even
allowing for the benefits from
our Scottish oil, it is doubtful
if coal can be added to the
UK’s. -already overiarge -inter-
national sboppingJUst. . - — ..

Other questions arise. . How
secure will' the smrces , of
supply be and /frill the prices
remain stable? Over- what
period does - . Mr Musgrave
envisage that this trade will
take place: until the oil runs

out perhaps? To what depths
will the value of the pound
descend, particularly if the oil
states demand a refund of the
money loaned to the banks
which was then loaned to
countries like Poland, Mexico
and Brazil— not to mention the
Argentine. • . .

In fact, of course, UK coal
is cheap by the international
energy' standard of the price
of oil* With oil around ¥30 a
barrel, .coal, at £80. per tonne
would be’ competitive taking
account of their' relative
calorific values when used for
electrical power generation.

"Hold the country to
ransom.” Nonsense. Certainly

in Scotland at least we have
enough in the way of nuclear
power and unused oil-fired
stations — at Invertap and
Peterhead — to generate all the
electricity required.

The solution for the coal
industry is for the UK. to insist
that the EEC operates a com-
1 mon market in coal in the same
way as it operates one in agri-
culture. We would then see
coal being subsidised for export
to countries outside the EEC
to the benefit of the UK and
Germany and to the chagrin of
the other members.

David Kollo.

25 Beaufort Drive,

Kirkintilloch, Glasgow.

An equitable
society

From, Mrs M. Boughton

Sir,— -What a 'boomerang Mr
FemvilJ sets in motion '("Where
do riches begin?” March 21). If
ever there was- a Government in
power which ; has lined - ■ the
pockets of its must influential
supporters it -Is this one. The
richer end of the- income spec-
trum has been : -consistently
favoured (in 1979 to an out-
rageous extent).

The opposite bias of a Labour
Government Is never able to re-
distribute the cake to bring
equivalent Improvements to the
poor simply because there are
so many of them. It is mean-
spirited to doubt tiie sincerity
of those vrim are better off and
would prefer to live in a more
equitable society however it.
affected their own pockets.
(Mrs). M. B. Bough ton,

44 Plantation Road, ' .

. Oxford.

Interpreting the
Truck Acts ;.

From Ur S. Magnus

Sir, — May I express my thanks
to Mr D. ML Reid for his letter
(March 19) drawing attention
to my judgment in Brooker e
Charrington .Ftiel Oils. I had
no idea that it had been
reported.

May I, at the same time, m
the interests of accuracy, make
an observation or two. First I
ceased to be entitled to be
addressed . as; : “Mr Justice.
Magnus” when I retired from
the Zambia. Bench -as a Justice
of Appeal -in' 1971. When I
delivered the Brookcr judfr.
meat, Iw» sitting as a deputy
circuit Judge. '

The second point is to under-
line what Mr ReW made clear,
namely, that ms remarks as
cited by him were obiter » as

I had already decided that Mr
Brooker was not a “workman"
within the meaning of the
Truck Acts.

Nevertheless, I still stand by
what I then said, and believe
that it was an accurate state-
ment of the law.

.Samuel W. Magnus,

Foreign ‘ Compensation

Commission,

Alexandra House,

Kmgstoay, WC2.

Universally

cashless

From the Director General,
Engineering Employers'
Federation.

Sir,— Your editorial support
(Mardi 15) for the principle of
cashless pay is welcome. The
advantages in terms of economy,
security and the even-handed
treatment of all employees are
widely acknowledged.

Unfortunately there is some
confusion, about what repeal of
the Truck Acts would mean. It
would not of itself compel com-
panies to change their methods
of payment, nor would it compel
employees to accept an un-
wanted change. It would, how-
ever, facilitate progress by
removing a major obstacle,
leaving the precise method by
Which so-called manual workers
are- paid to be decided between
them and their employer— as it
is for tiie rest of the workforce.

The federation pointed out
in its 'representations to the
Central Policy Review Staff that
the Government should set an
example in its role as an
employer by developing non-
cash pay for aU civil servants
and public sector employees.
Such progress is being achieved
.In - the case of .non-industrial
civil servants without resort to
steamroller tactics.

. As the Government and the
engineering industry both ack-
nowledge, there is no place in
today’s world for archaic

legislation which . imposes
arbitrary distinctions between
different groups of employees,
and which perpetuates the idea
that manual and staff employees
are somehow different from
each other.

James McFarlane.

Broadway House,

TothiH Street, SW1.

Trouble at
Lloyd’s

From Mr C. Ranald

Sir, — Yet another potential
source of discontent is rearing
its head at the troubled Lloyd's
insurance market.

The Fisher report, followed
by the extra-ordinary general
meeting of Lloyd's members
brought about the appointment
of eight non-working names to
the new 27-strong ruling
council. The election procedure
for the 83 candidates was
-lengthy and thorough, making
crystal clear to each and every
one that although the duties
would be considerable and time-
consuming they carried no
remuneration.

It is reported now (March 22)
that certain of these eight
honorary elected “ names ” wish
to accept paid consultancy
appointments with Lloyd's
firms. They even suggest that
if such fee-earnings are not
permitted they should be
remunerated by Lloyd's itself
at a figure of between £5,000
and £10.000 per annum.

The whole purpose of elect-
ing eight non-working “names"
to the council was to represent
the interests of the other ifl,000
•' names.” The purpose was not
and must not be allowed to
become a self-enrichment centre
with conflicting interests arising
at every council meeting.
Charles Ranald.

L’Annonciade,

Aivnue L’Annonciade,

MC Monte-Carlo.

Patterns in carpet
buying

From the Managing Director,
Home and Law Magazines

Sir, — May I add my comments
to David Buck’s reactipn (March
21) to Anthony Mo re ton’s
article “Cheaper home loans
lead to some signs of an
upturn ." Mr Moreton is correct,
an increase in homebuying does
bear some relationship to carpet
sales.

Homebuyers represent just
5 per cent of all households,
but homebuyers account for
purchases of goods and services
way beyond their market size.
Recent homebuyers are four
times more likely to purchase
carpets than the average adult
in the UK, and their purchases
during the first year of occupa-
tion represent 19.2 per cent of
all carpet sales In the UK.

Purchasers of Carpets £300+:
Per cent of all adults purchas-
ing in past 12 months— V-9; Per
cent of recent homebuyers pur-
chasing in past 12 months —
15.5; Index of purchases — 398.
Source: Target Group Index
1982.

I feel sure that the UK manu-
facturers of carpets welcome the
current upturn in homnbuying.
Philip Davies.

2-16 Goodge Street, Wl.

Catering on
HMS Belfast

From Mr J. Robbins

Sir, — Whatever Mr Egon
Ronay and his inspectors have
to say (March 21), rightly or
wrongly, about the quality of
the snack bar for tourists on
board HMS Belfast, I believe
they do a grave injustice hy
omitting to state that there is
another and quite separate
operation by different caterers
on the ship.

For the record, the firm of
Ring and Brymer is responsible
for catering for the private
functions on HMS Belfast It
has established in the City —
over three centuri.es — a fine
reputation in catering for such
prestigious occasions as rise

Lord Mayor’s Banquet. Stale
Banquets at Guildhall and
Livery Halls as well as govern-
ment functions. Many monarchs
have been numbered among
customers who have enjoyed
the company's services.

The publicity following the
publication of the report on
refreshment facilities for
tourists has unfortunately
resulted in cancellation of five
functions on HMS Belfast It is
regrettable that this confusion
has arisen.

John Robbins.

Trusthouse Forte.

86, Park Lane, Wl.

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FINANCIAL TIMES

BUILD WITH CONFIDENCE,
call Patrick Trollope

01-3772500.

0

Friday March 25 1983

SCOTCH WHJS

BELL'

iwi

' 'r* :

Peter Montagnon in Panama City talks to Sr Carlos Langoni, Brazil's central bank governor

Brazil pins debt hopes on $6bn surplus

THE POSITION of Sr Carlos Lan-
goni, central bank governor of Bra-
zil, is rather like that of a chef who
has just put a souffle in the oven. It
will take some time before he
knows that it will turn out all right,
and meanwhile he has to stave off
hunger pangs with a few dried bis-
cuits.

Of course, cooking souffles is a
notoriously risky business. So, for
Brazil, is predicting a 50bn surplus
in its international trade for 1983.

This forecast has become one of
the most widely dissected statistics
in the Euromarkets this year. For it
is on the assumption that the target
can be reached that Brazil has
based its whole multi-billion dollar
debt rescue package from the Inter-
national Monetary Fund and com-
mercial banks.

So far, Brazil has reported a com-
bined surplus of only SSIQm for Jan-
uary and February. This has led to
widespread predictions by its credi-
tor banks that it will seriously un-
dershoot its trade target and have
to come back to the banks for more
money soon, in addition to the
S4,4bn loan signed last month.

But Sr Langoni himself is still re-
markably relaxed. "It is really very
difficult to know exactly what will

happen, but it is unfair to say a pri-
ori that the target will not be met
On the contrary, there is a very
dear trend for improvement,” he
said in an interview at the Inter-
American Development Rank annu-
al meeting here.

The problem is that this trend
wiD only show through when the
statistics for March and April are
published. These will be the first to
show the impact of Brazil’s maxi-
devaluation of 30 per cent in Febru-
ary. Since then, exports have
picked up, Sr Langoni says. Now he
is forecasting a surplus of S300m for
March.

If by mid-summer Brazil's trade
is at least approaching the target it
should not have too much problem
borrowing the balance from the
commercial banks. To try to pre-
empt a shortfall by borrowing now
would be counter-productive and
most bankers agree that Brazil
must wait till June or July before
launching any new borrowing pro-
gramme.

Sr langoni himself refuses to dis-
cuss the borrowing options in pub-
lic. What is dear, however, is that
Brazil is now just managing to
make ends meet on a foreign ex-
change liquidity position that on his

BRAZIL’S TRADE FIGURES (Sbn]

Export

Im-

ports

1979

1U

18.1

1980

20-2

23.0

1981

23.3

22.1

1982 (estimated)

21.0

205

1983 (projected)

23.0

17.0

Source- flaaftsn Central Bank

own admission is still “relatively
tight."

How is this possible? In the first
place, Brazil bas been able to draw
on the S4.4bn commercial loan. Se-
cond, interbank lines to its commer-
cial banks abroad have now stabi-
lised at an improved level of ST.lbn
to S7.2bn the safely net set up by
the Federal Reserve and leading
U.S. banks was unwound on March
10. Third, Brazil’s commercial bank
creditors have stepped up their
short-term trade credits to the
country to SlO^bn, well in excess of
the $8 bn prescribed in the rescue
programme.

Sr T-angnni says Brazil intends to
draw the mwrimnm possible on
these trade credits. "We have here a
very substantial liquidity margin
which will help us even if we get no

additional response from the inter-
bank market," he says.

Brazil's external liquidity has
come under particular strain in the
first few months of this year as it
has had to repay borrowings of
S1.5bn from the U.S. Treasury and a
first instalment of 5400m on its
bridging loan from the Basle-based
Bank for International Settlements.
But it has been helped by an agree-
ment from commercial banks which
last year extended a total of S2.3bn
in short-term bridging loans and
have agreed to defer repayment of
half this amo unt till later in the
year.

As far as the trade outlook is con-
cerned, Sr Langoni points out that
the recent cut in the Opec oil price
will save Brazil some 5900m on oil
imports this year. Brazil still in-
tends to cut its oil imports by an ad-
ditional SI bn, and public-sector im-
ports by Slbn, but now 1ms some
leeway on planned private-sector
import cuts of another Slbn, he
says.

Moreover, Sr Langoni argues
that Brazil's plan to increase ex-
ports this year by some S2bn are
not unduly optimistic. At S23bn, this
will still leave total exports slightly

below the S23.3bs. level recorded in
1981.

In teat year, for example. Brazil
exported 5800m worth of goods to
Nigeria. Exports to that country
were halved in 1982 and in 1983 are
targeted to recover only to SfiOOra
under a programme that is heavily
oriented towards barter business to
get round Nigeria's problem that it
too is short of cash.

If Brazil falls far short of these
targets, it will clearly face major
problems in raising extra cash from
the banking system. Already Sr
Langoni admits that raising the
S4.4bn was “far from easy.”

It was for that reason that Brazil
decided to add to its debt rescue
package the controversial element
requiring banks to restore inter-
bank lines to Brazilian banks to a
minimum of S7.5bn. Though that
too has proved very difficult, Brazil
thought it would be preferable to an
alternative approach of simply rais-
ing the total amount of the S4-4ba
loan by several billion dollars.

Moreover. Brazil did not want to
follow Mexico's example and na
tianalise its private-sector banks or
take over their management in or
der to rescue them from the haem-
orrhage of deposits

Lloyd’s to
bolster
reserve
fund

By John Moore In London
LLOYD'S OF LONDON is planning
to raise millions of pounds of extra
revenue from the 21,601 members
of its insurance market in an effort
to strengthen a fund within its com-
munity which is vital to the security
of a Lloyd's Insurance policy.

Lloyd’s said yesterday that no de-
tails had been finalised on the even-
tual levy to be imposed on mem-
bers, but one formula believed to be
under consideration could raise
about around £35m (S51m) for the
Lloyd’s central fund, a fund of last
resort.

The Lloyd’s derision, announced
yesterday, has been made fo flowing
concern within the market about
the size of the central fund, which
stands at only £120m.

The fund, founded in 1927 in the
wake of a Lloyd’s scandal, is de-
signed to meet the liability of any
underwriting member whose secur-
ity and personal assets are insuffi-
cient for his or her underwriting
commitments.

Members joining Lloyd's accept
the principle of unlimited liability
and have to be prepared to pay in-
surance claims with all their per-
sonal wealth in the event of large
losses.

When individuals become Lloyd's
members they receive a share of
the profits in return for pledging
their private fortunes to allow the
market to function.

Once their private wealth is ex-
hausted the central fund is used to
pay the claims on Lloyd's policies.

Until now the members have paid
0.45 per cent of their pr emiums af-
ter the deduction of reinsurance
premiums which they have paid on
their own protection against oner-
ous losses.

The amount paid into the central
fund on that basis is believed to be
more than £6m annually. The fond
is thought to have been as low as
$50m in recent years.

It is now comparable in size to
the total insurance capacity of just
two large Lloyd’s syndicates, the
units into which all Lloyd's mem-
bers are grouped. There are 431
syndicates in the market.

Under the new levy plan mem-
bers will be charged a percentage of
their business volumes before any
deduction for the premiums which
they are paying out for reinsurance
protections.

No rate was indicated yesterday
but the committee of Lloyd's work-
ing underwriters and brokers is un-
derstood to have suggested that the
rate should be anything up to 10 per
cent The levy is expected to be set
at 2.5 per cent of members' business
volumes compared with the present
0.45 per cent.

Cable & Wireless pays £143m
for Hongkong Telephone stake

BY ROBERT COTTRELL IN HONG KONG AND JASON CRISP IN LONDON

CABLE AND WIRELESS, the UK-
based telecommunications group, is
paying Cl 43m (£2 08m) for a 34.8 per
cent stake in the Hong Kong Tele-
phone Company, the colony’s pub-
licly quoted domestic telephone util-
ity.

Cable and Wireless is buying the
stake from Hongkong Land by issu-
ing it with 30m new shares and pay-
ing the balance of about £24m in
cash-

The new shares were placed in
London by Cazenove at 396p and
dealings are expected to begin on
March 30. Last night Cable and
Wireless shares closed at 415p,
down 5p.

Tbe issue of the new shares has
diluted the British Government's
holding from 50 per cent and one
share to just over 45 .per cent In Oc-
tober 1981 the Government sold al-

most half of Cable and Wireless to
private investors at 168p a share,
raising &24tn.

More than half of Cable and
Wireless profits come from its 80
per cent owned Hong Kong subsid-
iary. The Hong Kong Government
holds the remaining 20 per cent
Cable and Wireless has a 25-year
franchise to provide all internation-
al telephone services and telex, in
Hong Kong, Kowloon and the New
Territories.

It has had a dose, but often
troubled, relationship with Hong
Kong Telephone Company which
has been increasing the tariff it
charges Cable and Wireless on in-
ternational calls.

The tariff began at 10 per cent
and has increased to 40 per dent
Relations between the two compa-
nies became so bad that in 2980 the

Hong Kong Postmaster General
had to adjudicate between them.

Cable and Wireless denied that
the purchase of nearly 35 per cent
of Hong Kong Telephone was to
thwart plans to increase the tariff
farther.

Hong Kong Telephone's overall
profits are limited by the Govern-
ment to a return, aftertax, of 16 per
cent on shareholders' funds.

It wants the formula changed to
one based on fixed assets. Hong
Kong Telephone is investing heavi-
ly in new technology, including opti-
cal fibres and digital switc hing. The
company plans to spend HK55.5bn
(S930m) over six years beginning
1982.

Cable and Wireless has also been
establishing itself in China for
many years.

Philips asks
for tariff on
audio discs

Continued from Page 1

rope an market with competing au-
dio disc systems at cut-rate prices.

Bony of Japan, which helped Phi-
lips to develop the audio disc tech-
nology, is deeply bitter about the ta-
riff move. But Philips' official re-
sponse is that higher tariffs are
necessary while much of Japan's
market remains inaccessible to Eu-
ropean exporters.

The EEC Commission must ob-
tain agreement to change the tariff
in the General Agreement on Ta-
riffs and Trade (Gatt). This may
prove a lengthy process because

Other countries, including Japan,

are likely to seek EEC concessions
in exchange.

Philips expected to increase its
VCR production by 39-40 per cent
thus year, and claimed that its V-
2000 system. had captured more
than 20 per cent of Continental
markets. It did not expect to raise
its VCR prices as a result of the re-
cent Japanese undertaking to ob-
serve* a “floor price” for exports to
the EEC.

It was - confident that Japan e se
manu f ac t urers would back a new
international standard for a new
generation of 8mm VCRs. But it
would not say whether it would be
prepared to replace its range with
products designed to the new stan-
dard if Japanese companies hesitat-
ed over applying it to their prod-
ucts.

Mr Jeelof said that talks on set-
ting up a joint telecommunications
venture with American Telephone
and Telegraph were going well, and
a firm agreement was expected lat-
er this year.

Japanese to ease
rules on imports

Continued from Page 1

nounced in January when the Gov-
ernment announced a further im-
ports liberalisation package.

Since then, a special Liaison and
Coordination Headquarters on
Standards has met three WmM un-
der the chairmanship of Japan’s
Chief Cabinet Secretary, Mr Masa-
haru Gotoda, to consider reforms.

Apart from chan g in g the law to
eliminate discrimination against
foreigners, the Government propos-
als are expected to aim at increas-
ing understanding of official proce-
dures for drafting standards.

A directory of government draft-
ing procedures may be published
with this in mind. The Government
is also thought to be planning to
simplify some non-lega I require-
ments for the testing of imported
goods.

One case concerns the procedure
known at ‘type designation" of im-
ported cars.

Foreign car makers seeking blan-
ket approval for the import into Ja-
pan of one car model now must
spend up to seven months undergo-
ing complex procedures which in-

clude submission of up to 500 pages
of documentation. The revised test-
ing procedure may take as little as
two and a half months once the new
measures have gone through.

A final section of the Govern-
ment's programme for reforming
test procedures may deal with ac-
ceptance by Japan of foreign test
results on items such as pharma-
ceuticals and agricultural chemi-
cals. Japan may commit itself un-
der the new proposals to accept
most foreign pre-dinical test data
on pharmaceuticals but will prob-
ably continue to insist that tests on
patients be conducted separately in
Japan.

Japanese officials are thought to
be sceptical about the impact the
measures will have on reducing Ja-
pan's trade surpluses with ad-
vanced trading partners.

They do apparently believe, how-
ever, that by being seen to be fair in
the treatment of foreign goods, Ja-
pan should be able to avoid some of
the disputes over specific import
times that have been frequent in
past '

U.S. chance for Britoil

Continued from Page 1
and Norwegian sectors of the North
.Sea.

Britoil also announced yesterday
that the third well drilled in block
31/28 had yielded a very promising
test Dow rate of 8,500 barrels of oil a
day, with no water, through a half-
inch choke.

The first well in this block was
halted in February 1981 after oil

traces had been found and a second
well abandoned in March 1982.

Both are in fairly close proximity
to the successful strike announced
yesterday from a well which was
spudded in on January 22. It was
drilled by the semi-submersible rig.
Treasure Swan.

Britoil said that further appraisal
would be necessary to establish the
significance of the discovery.

World Weather

Snow Report

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Anzere (Sw)

Crans (Sw)

Grindelwald (Sw) ..

Isola(Fr)

Murren (Sw)

La Plague (Fr)

St. Anton (Aus)

Sauze d’Oulx (It) „
Tignes (Fr)

EUROPE

25- 75 cm New snow above 2000m
15- 80 cm Worn patches qp lower slopes
5- 10 cm Good snow on upper slopes
130-180 cm Recent snow storms
40-160 cm Good on north facing slopes
135-150 cm Pistes still remarkably good
30-260 cm Good skiing above 2000m
2-100 cm Fair skiing above 2000m
110-203 cm Still good skiing

.European reports from Ski Club of Great Britain representatives.

Aspen (Col)

Hunter (NY)

Squaw Val (Cal)
Stowe (Vt)

THE UJS.

13- 62 ins Packed powder. Some new snow
12- 72 ins 31 trails, 13 lifts open
84-228 ins Powder/packed. New snow.

0- 40 ins Loose and frozen granular

Figures indicate snow depths at top and bottom stations.

Herr Karlheinz Kaske:
chief executive

Siemens
to raise
DM 220m

By Stewart Fleming In Frankfurt

SIEMENS, West Germany's largest
electrical concern, is to raise DM
220m (S91m) in a rights issue in a
move seen in the Frankfurt finan-
cial markets yesterday as a
disguised dividend.

With some DM llbn of cash and
securities in its last balance sheet
more money (the company critics
say) than it knows what to do with,
Siemens is clearly not in need of
funds or even new equity.

Nevertheless, at its annual meet-
ing yesterday it announced that it
would make a one-for-20 issue. The
new shares will cost existing share-
holders only DM 100 each, whereas
the company's share price rose yes-
terday by DM 9 to DM 328.

“It is a type of dividend increase
for shar e holders." a merchant
banker remarked yesterday. “West
German companies prefer to do it
this way sometimes rather than
raise the dividend. It avoids discus-
sions within the unions about rich
capitalists earning too much from
their shares."

Shareholders, he pointed out, can
sell the rights without capital gains
tax liability. As to the market reac-
tion, he commented: "In a strong
stock exchange, a rights issue is
seen as a positive factor, a stimulus

In a bad market, it is an overhang
and tends to depress the price."
West German share prices have
been rising strongly in recent
months.

Dr Karlheinz Kaske, the chief ex-
ecutive, told the meeting that in the
first five months of the current year
Siemens had not seen any thorough
revival in domestic new orders,
while foreign orders continued to
fall

He predicted that the company
would have to struggle to raise its
sales above last year's DM 40bn. He
indicated, however, that profitabili-
ty should be maintained, adding
that profit margins, which rose to
1.8 per cent of sales in the first
quarter, should stay around these
levels.

Market Report, Page 31

Airlines likely
to lose $2bn

By Michael Donne,

Aerospace Correspondent
ALTHOUGH the recent cut In
crude oil prices by up to S5 a barrel
to S29 will help eventually to allevi-
ate the world's airlines' fuel bills,
crude prices will have to fell much
further before the air transport in-
dustry can break even or return to
profits.

Mr Knut HammarskjSld, direc-
tor-general of the International Air
Transport Association, said in Vien-
na yesterday that the airlines were
likely to lose up to about S2hn. This
year, of which interest payments
would account for about three quar-
ters.

THE LEX COLUMN

A collect call
to Hong Kong

The acquisition by Cable and
Wireless of a 35 per cent stake in
Hong Kong Telephone is not, on the
face of it, die kind ol deal to delight
a stock market which values the
company highly on the basis of its
long-term potential in the field of
international telecommunications.

The purchase ploughs C & W
deeper into Hong Kong, which al-
ready contributes much the largest
slice of group earnings and is not at
the moment the most fashionable
place to invest new capital. It also
increases C & Ws dependence on
franchise income at a time when
the group's general drift is towards
unregulated markets.

Yesterday, however, the share
price slipped by only 5p to 4Z5p in
the wake of this transaction and a
placing of new shares equivalent to
over 10 per cent of outstanding eq-
uity. C & W has admittedly secured
a fine price for Hongkong Land's
holding in the utility, which may
reflect its political acceptability in
both Whitehall and Hong Kong.
Earnings per share stand to gain by-
several percentage points in 1983-84
if C & Ws share of lightly taxed
Telephone earnings is left in the
colony. Assuming that earnings are
repatriated, the effect would be
broadly neutraL

It is quite possible, however, that
yesterday's deal represents only the
prelude to a broader reorganisation
of the colony's telephone industry.
A 35 per cent holding in a company
with which C & W negotiates hard
and long aver revenue apportion-
ment presents long-term conflicts
of interest, particularly as the final
arbiter - the Hong Kong Govern-
ment- itself has a 20 per cent hold-
ing in C & Ws Hong Kong opera-
tion.

The best solution might be for C
& W to make a full offer for Tele-
phone and then float off a minority-
in the enlarged operation on the
Hong Kong market This kind of ar-
rangement would greatly strength-
en the British company's bargain-
ing position in China, where both
groups are presently active, and
generate operating efficiencies
within the colony itself.

Hongkong Land, meanwhile,
makes a .respectable turn on its

holding and con presumably justify
the disposal on the grounds that
what started as an investment in
real assets, when the initial . pur-
chase was made at the end of 1981.
now looks more like an income pro-
ducer with bits of depreciating
property attached. The company,
must also, however, be grateful lor
cash in hand in case Jaraine Math-
eson decides to raise hew equity. In
order to maintain their mutually
-protective holdings, it is vital that
Land con subscribe for its fall allot-
ment without imposing a real strain
on its balance sheet.

UDS

As the Bassishaw Investments
consortium finally- lumbered into a
last charge in its battle for UDS
yesterday, it found the enemy lying
in ambush. The speed of Hanson's
reaction to Bassishaw's final bid
suggests that it had been doing
plenty of staff work while the insti-
tutions rallied their forces into
marching order. But it also illus-
trates that if a bidder is oiming to
pulverise the opposition, it is just as
well to lay in sufficient Firepower.

Bassishaw's 138p per share cash
offer was pitched just lOp higher
than the value yesterday of the
original Hanson bid which, thanks
to the recent steadiness of the Han-
son share price, has remained con-
sistently above the former Bassish-
aw terms.

Admittedly Bassishaw is paying
cosh, and neither side has shown it-
self to be particularly generous in
the contest so far. But by making
its offer final Bassishaw left itself
little room for manoeuvre, and Han-
son has been able to top up Ife pa-
per terms with additional cash of-
fering a smafl premium. •

After the fall in Hanson’s share
price yesterday to 185p the hid Val-
ues the UDS shores at 18flp, of
which 20p is in cash.The core of the
Hanson offer, of course, remains in
paper, and shareholders still .'have
to decide on its merits -rotative to
the Bassishaw cash. ...

For capital gains tax reasons
many instiutions may prefer the

shores, while the irorht strength of
the Hanson price suggest* that its
paper still enjoys wide market sup-
port, . ’ . 7 ’

The mam question mark must be
over its ability to squeeze outsufS-

•' eient reluma from what if afete to -

keep of UDS - and while Hanson s
ability to carve up such no empire is
evident from its track record, Bas-
sishaw's retailing experts dearly
thought that I38p sd a timit on

- sound returns- . ' ; - • ; • 7

Commercial Uaikitt

' Commercial Union's effort . to pro-
ject o more dynamic, technological '
image extends to the frost covw.of
its 1982 reportand accounts. Outgo
the stained-glass windows of recent
years and in cooes an [BK mooter
screen, with . the letters CU embla-
zoned ocross itin bright green. '
Yet, in composite insurance,
some things never change- The sec-
tor's time-honoured.; -tradition of
paying out m d tiumdn ld-dhridentts
is handsomely ndtatabfed by what
amounts to tfc: ahnoat. cast-iron
guarantee . to <^CU't2Mlrman's
statement tbafethe: .1MB dividend
will be mafufetoei to-lSe current
year. The. «im. noth-

ing like covered fry: historic earn-
ings and indeed oft attributable
profits would hayo dltoppeantd id-
most completely hut lor. aa excep-
tional release of Hfo profits, .

- The companjf »h«i»ld dO better
tins year butmay still draw on re-
serves to fund -a distribution of
roughly £50m. CU can. of course
argue that unrealised gains on its
fixed-interest portfolio have greatly
strengthened the capital position
twt this case would only stand up if
it reduced its dividend when inter-
est rates were risings

A dividend forecast so early In
the -year must suggest that the
group's overriding concern is the
threat of a takeover at a time when
the market capitalisation of E524m
represents onty half book net
worth. The stock market, however,
has so far been unmoved by ClTs
reassuring nooses. At last: night's
price of 127p, the yield r historic
and prospective - is no less than
1&3 per cent

The two piece beverage can.
Produced by the million with
the latest technology for a wide
range of customers by
Continental Can, part of the
world's hugest packaging
corporation.

But tt ClwydCon ,, &re also the
watch-words of our Industrial
Development Tfeam. Whatever
your needs for industrial/
commercial expansion or
development, Clwyd can meet
them.

* Clwyd Con provide maximum
financial grants for large or
small companies.

* Clwyd Cun be reached quickly
and easily by road, rail, sea or
air.

"Cl try d Can supply an available.

reliable and hardworking
workforce.

* Clwyd Can give you sites arid
premises to meet your needs.
Find out what Clwyd am do for
you. Talk to Wayne Morgan,
County Industrial Officer,
Clwyd County Council, Shire
Hall, Mold, Clwyd.

Tfel: Mold (0352)2121. Telex -
61454.

64...the contributions from the
community; the trade unions
and our employees have made
us proud to be associated with
Wrexham in Clwyd. We will be
pleased to tell our story- to

prospective investors^

Hugh Adu msnti, Manny iny
Dine tut; Continental Can.

i;

■f

Fine British Clothes
for men ...

ELEGANTLY STYLED fN

■Ml- Pure new vvu)l

SECTION II - INTERNATIONAL COMPANIES

FINANCIAL TIMES

Friday March 25 1983

15

^V.W.ViW.V.V.'AWM*,

f|Tl Bankers to|
j; ^business |
I worldwide;

* U.K.01-626 5678

m ^.Vi%%VVA%V.VAV.V.V.V m

i

Philips and Thomson to
talk on joint venture

BV WALTER ECUS IN AMSTERDAM

PHILIPS, the Dutch electronics
giant, expects to open negotiations
as soon as possible this year with
Thomson-Brandt of France with a
view to the joint production, of
home electronics.

■ Dr Wisse Dekker, Philips chair-
man, said that the emphasis would
be on his company’s V2000 video-

cassette recorder,, its compact disc
sound reproduction system and dig-
ital television.

"It is not a case of a merger or a
joint venture." said Dr Dekker.

"Nor would it concern basic pre-
competition technology, such as we
are to have with Siemens. Any deal
with Thomson- Brandt would be
more practical, aiming at short-
term results.”"

Philips does not at present co-
operate with. Tbomson-Brandt in
any sphere. Only' this- month it ef-
fectively prevented Thomson from
acquiring a majority stake in Grun-
dig of West Germany. Philips has
owned TAS per eent of Gnmdig
since 1877 and, by refusing to sell
its shares, undermined Thomson’s
bid for control.

The West German Federal Cartel
Office (BKA) did not consider it
proper that Gnmdig should form
part of what would have become a

near monopoly of the European
electronics industry.

Notwithstanding this recent rival*
ry (lor Philips, too, has eyes on
Gnmdig), Dr Dekker believes that
the time is ripe to give practical ex-
pression to his belief in European
industrial cooperation.

He will, of course, be aware that
if Philips’ V2000 system does not
win widespread acceptance in Eu-
rope it cannot hope to compete with
the Japanese, and the one way for
- that acceptance to be assured is for
production to be as broad-based as
possible.

Philips and Gnmdig are current-
ly the only V2000 manufacturers,
and a deal with Thomson would
possibly add a vital third arm. The
fact that Thomson is a French,
state-owned corporation and that
France has been making ft HiffimH
for the Japanese to export video re-
corders could only add to its attrac-
tion.

Specifically, what Philips wants
to discuss with Thomson-Brandt is
its likely involvement, through a
brand-new stake in West Ger-
many’s Telefunk en group,, in video
recorder assembly in West Berlin.
Telefunken is cooperating in Berlin
with the Japanese JVC Company,
whose VHS home video system is

the main rival to the V2000. If
Thomson would agree to build
V2000 machines instead. Philips
would have made an important
breakthrough.

However, Dr Dekker is not only
interested in the V2000. The Philips’
compact disc system, launched this
month in Europe, could become a
key money-earner for the company,
if only it can keep its Japanese ri-
vals at bay.

Thomson-Brandt, by agreeing to
join the manufacturing process,
could help here, and the same is
true of high-definition, digital tele-
vision, which is expected to domi-
nate the television market by the
1990s.

Of the situation with Grundig, Dr
Dekker is very dear. He admits
that Philips remains very interest-
ed in theTlerman concern. "But the
initiative must come from Grundig.
Sooner or later, Max Grundig (the
founder-controller of Grundig) must
make up his mind about his shares.

“He will be 75 in May - although
be is extremely fit - and he has no
obvious successor. It is well known
that we always wanted more than
24.5 per cent But we will not ap-
proach the Bundeskartellamt with-
out a firm proposition.”

AT&T discussions progress

BY OUR AMSTERDAM CORRESPONDENT

TALKS BETWEEN Philips, the
Dutch electronics group, and Amer-
ican Telephone and Telegraph
(AT&T) of file U-S. over the planned
formation of a joint venture in the
field of digital switching systems,
are said by Philips to be continuing
“in a positive manner."

. The talks began in January and
there has been speculation that
they have not preceded as smooth-
ly as was hoped.

Mr Geert Jeelof, a member of the
Philips board and head erf its tele-
communications division, said tips
week daring the presentation of the
group's 1082 annual report, that it
was grip lipped to 'make an an- -
nouncement soon' Oil the shape of
the new venture. .

Mr Jeelof was more cautious

about the order from Saudi Arabia
for the provision of telephone
equipment, placed provisionally
with a joint venture hnkzng Philips
and Ericcsons of Sweden.

The order would be a follow-up to
a world record FI 12bn ($4.4bn) con-
tract for the supply of an entire new
telephone network, secured by Phil-
ips and Ericcsons in 1977.

Mr Jeelof confirmed that an
agreement in principle had been
reacted on the follow-up, but he
wanted that even the Saudis bad
cadi problems and were not yet
able to give their final approval.

.• The annual report looks ahead to
a volume growth in sales this year
{greater than the 4 per cent recorded
for 1982. “However, it is again quite

dear that this growth will be com-
paratively less than the increase in
productivity essential for an im-
provement in profits."

Philips says that because its
Structural reorganisation plans are

still only two thirds completed, the
number of employees must be fur-
ther reduced this year.

On January 1 last year. Philips
employed 347.400 workers in 64
countries. By December 31 this had
been cut to 336,200. The restructur-
ing had cost Philips FI lObn world-
wide so far, which is more than ex-
pected.

This. year, Philips, expects to
make substantial further invest-
ments in the products and product
processes fields to add to the 71
2.4bn invested In 1982;

Thomson
brings
forward
VTR plans

By David Marsh In Paris

THOMSON-BRANDT, the na-
tionalised French electronics
group, plans to start production
of video tape recorders, using
Japanese technology, around two
years earlier than originally ex-
pected, according to indnstxy of-
ficials in Paris.

Although details have still not
been derided Thomson appears
likely to convert facilities in its
European production network to
m a n ufacture the equipment by
around the beginning of next
year.

This compares with the origi-
nal goal set by M Jean-Pkrre
Cbeveoemeni, the fanner Re-
search and Industry Minister
who has just left the Govern-
ment, to set np a new plant to
make around lm VTfis a year by
1966.

Thomson's new plans centre
on the use of the VHS standard
developed by the Japanese elec-
tronics company JVC, from
which the French group pur-
chases VTHs for sale on the do-
mestic

In the wake of the aborted
takeover bid for Gnmdig of West
Germany, own e d 245 per cent by
Philips of the Netherlands, plans
to collaborate on the Philips/
Grundig V 2800 standard have
been abandoned.

Thomson is bolding talks with
Philips, along with other interna-
tional electronics groups indnd-
ing the Japanese, about possible
cooperation on the planned 8mm
standar d vid eo equipment, in-
cluding VTRs and cameras.

But the French group main-
tains that no accord of any sort
has been reacted with Philips on
the “new generation” 8mm stan-
dard.

Thomson believes that Philips,
by advancing again ideas about
European cooperation on the
new standard, is trying to comp-
ensate for the widespread im-
pression that it sabotaged the
proposed nan-Enropean Thom-
son -Gnmdig link-up by refusing
to wit hd ra w from the German
group.

Saba group
sees fourfold
earnings rise

By David Brown in Stockholm

J. S. SABA, the Swedish retail and
wholesale trading group, boosted
1982 earnings wore than fomfold to
SKr 1 21 to (Slflfo) from SKr 28m toe
previous year.

Extraanfinm y itemsof SKr 102m
from property sales and restructur-
ing brought profits to SKr 223m be-
fore allocations and taxes, against
SKr 352m.

Total sales grew 11 per cent from
SKr 15.51m to SKr rUSbh. The bulk
of group earnings are customarily
generated in the final four months
of the year. Tte group posted losses
of SKr 47m at toe eight month
stage on sales of SKr 6.5bn.

Saba’s retfriT stores stewed pre-
tax earnings of SKr Ilia, against
lasses of SKr 76m the-previous peri-
od. Year-end retail sales grew 12
per cent to SKr 10.4bn. and volume
growth at 1.5 per eent outpaced the
national average of 0.6 per cent
Again, the bulk of group earnings
was generated by the wholesale un-
its, Dagab and Saha Trading.

The result was attributed mainly
to restructuring and productivity
i m prov e mpiifcg fa the retail
The company sold both real estate
and its majority interest in toe NX
retail unit retaining a 45 per cent
share. Net financial charges were
down from SKr 282m to SKr 222m.

The board recommends a divi-
dend of SKr 7, plus a 1 krona bonus,
on each common stock, against SKr
6 the previous year. The dividend
on preferred shares was stable at
SKr 3.50. The group is to make a bo-
nus issue of one new common stock
foreveiyoki.

The 1982 report states the current
year outlook is problematic, with a
decline expected in retail volume.

Strong new order
inflow at Linde

BY JO»«l DAVIES IN FRANKFURT

UNDE, toe West German process
plant and engineering group, has
attracted a strong inflow of new or-
ders despite general economic re-
cession. .

New orders bodied last year in-
creased 18 .3 per cent to DM 2.57bn
(S1.08bn) boosted in particular by
big natural gas and petrochemical
projects gained from Norway and
the Soviet Union.

The inflow has been even greater
in the first two months of this year,
Up 45 per cent to DM 520m.

Although tire order bode at the
pnd of December was slightly slim-
mer than a year earlier, it had
picked up to DM 2J8bn at the end of
last month, 12 per cent greater than
a year ago.

Linde’s sales revenue rose LI per
cent last year to DM 2Jjlbn, with
the export contribution surging
from 33 per cent to 43 per cent
Operating profits were 12 per
cent higher, while pre-tax profits,
affected notably by higher pension

i, were 5 per cent np at
>M 127.3m. A dividend of 18 per
cent is proposed for toe fourth year
in succession.

Including foreign subsidiaries,
world sales revenue edged down to
DM 3.05bn, although the company
said that half of this decline result-
ed from currency factors which res-
trained the D-Mark value of foreign
earnings.

Linde continued to suffer a loss
at Baker Material Handling Corpor-
ation, the US. fork lift truck manu-
facturer.

Dr Ha ns Meinhardt, Linde’s chief
executive, declined to disclose Bak-
u’s loss, but said that sales revenue
slipped about 20 to 25 per emit to
S30m in toe severely depressed U.S.
market

He said Baker -had introduced
new products and' was poised to
take advantage of ah upturn in
market conditions. Linde also in-
curred a loss at its Matra- Werke
marhinp tool subsidiary

IRI banks lift full-time earnings

BY JOHN PHILLIPS IN ROME

CREDFFO Italiano and Banco di
Roma, Italy’s third and fourth larg-
est co mme rcial banks, which are
controlled by the state conglomer-
ate; IRI, yesterday both reported
onmingg far last year at virtually
the same level as in 1981.

Net profits at Credito Italiano
climbed to L42bu (S29m) in 1982
from 37.5bn in 1981. Banco Di Ro-
ma's fell slightly to 293bn from
L3L6ba in 1981.

Credito Italiano proposed a divi-

dend of L85 for shareholders and
Banco di Roma a dividend equiva-
lent to 14 per cent *

The relatively healthy results -
profits doubled in 1981 - suggest
that whatever the pressure on bank
deposits in real terms last year,
with customers expected to shift
money to higher yielding treasury
bills, it has probably been offset by
toe wide spreads operated between
rates charged to borro w e r s and
those paid to depositors.

Solid growth
shown by
Bahrain bank

By Mary Fringa in Bahrain

TRANS- ARABIAN Investment
Bank (TAIB) a Bahrain-hosed
private institution established in
1979 by Saudi businessmen, baa
announced a 73 per cent Im-
provement in profits for 1982,
and a phased capital increase to
SlOflm, starting in June this year.

Profits of $6i6m represented a
return on average equity of 1U
per cent. Net interest income was
almost doubled, syndications and
guarantee fees were up 64 per
cent, and foreign exchange in-
come was up 48 per cent Three-
quarters of its S615m advances
were in Saudi Arabia, with the
fa buff* diversified internation-
ally in short-term trade transac-
tions.

Exposure to Mexico and Brazil
amounted to $3m or 5 per cent of
equity, pins $4m of Mexican
short-term risk participations.

TA1B*S annual report notes

ries were only 3J> times the capi-
tal funds, reflecting the bank's
policy of maintaining a strong
capital base.

A capital increase in June
1982, subscribed in part by seven
new Sandi shareholders, in-
creased paid-np capital from
$31m to S50m.

Meanwhile, profits at A1 Bah-
rain Arab Afrhan Bank (ALBA-
AB) also increased in 1982 by 64
per cent to SISJhn. The locaQy-
incorpo rated Bahrain offshore
banking unit’s (OBU) return on
average assets improved from
L32 per cent to L51 per cent

Use balance sheet shows total
assets (exdnding contra items) of
SL39bn, up 22 per cent.

Sparkle retains to Perrier group

BY PAUL BETTS IN PARIS

THE SPARKLE has returned to toe
earnings of Source Perrier, the
leading ' French ' mineral water
group, whose consolidated e a rnin gs
rose by 39 per cent in toe latest fi-
nancial year ended September 38,
1682 to FFr 118.8m (S18.4m) from
FFr 65.4m the previous year.

M Gustave r Leven, the company
president, said toe strong earnings
increase after three years of rela-
tively 'flat profits, reflected for the
first time, the benefits of the group's
recently cctopfeted investment pro-
gramme.

This programme involving about
FFr 800m over a four-year period
had been largely financed by exter-
nal borrowing which in turn acted
as a drag on past profits.

M Leven also reported that the
Source Perrier holding company
bad a 54 per cent increase in profits
to FFr 92.3m in the latest year, com-
pared -with FFr 60m the previous
year.

“ He also ventured a bullish fore-
cast for the current year, saying he
expected toe company to earn be-
tween FFr 24 to FFr 28 per share in

1683, against FFr 16.60 per share in
toe latest financial year.

Perrier, which does not disclose
sales figures on competitive
grounds, said the latest rise in earn-
ings also reflected stronger sales.

The company, which is just
beginning to penetrate the Japa-
nese market and has reached an
agreement with the large Japanese
distribution group Suntory, said ex-
ports accounted for more than 41
per cent of all shipments last year.

Perrier said it was continuing to
enjoy success in the US. where

sales continued to advance and now
accounted for 85 to 90 per cent of
the entire market

The French group owns Poland
Spring on the US. East Coast, Cab
istoga on the West Coast, and Oasis
and Pure in Texas -. These subsidiar-
ies saw their sales advance by 30
per cent last year.

M Leven also said the company
planned to make substantial efforts
to turn toe Caves de Roquefort com-
pany, of which it holds the majority
interest, into a leader in the French
cheese industry.

Occidental sells large
part of Cities Service

BY WILLIAM HALL IN NEW YORK

OCCIDENTAL PETROLEUM, the
large Los Angeles-based oil compa-
ny, is selling the refining, market-
ing and transportation operations
of its Cities Service subsidiary to
Southland Corporation, the biggest
convenience store operator in the
U.S„ in a deal totalling $92Gm.

Southland, which already sells
petrol in 40 per cent of its 7,300
stores, will issue 9.3m shares to Oc-
cidental, which will give the oil
company a 20 per cent stake in
Southland. On Wednesday night,

Southland shares stood at S27J52,
which values Occidental's stake at
£257 m.

In addition. Southland win pur-
chase certain refined products and
miscellaneous stocks for its own ac-
count, which are estimated to cost
5310m.

Meanwhile, Peridental, which
paid S4bn for Cities Service in 1982,
will sell for its own account further
inventories with an estimated mar-
ket value of 5380m. Occidental in-
tends to retain the natural gas li-

quids business and toe related Dix-
ie pipeline and about 4,000 acres

As part of the deal. Southland
will acquire the retail sendee sta-
tion operation of Cities Service,
which has 961 outlets, of which 350
are Southlands Quik Mart stores.

Mr John Thompson. Southlands
chairman, said yesterday that the
acquisition was a natural one for
his company. Last year, it became
the biggest independent gasoline
retailer in the U.S, selling 1.2bn
gallons.

CNR in talks over Cast

BY ANDREW FISHER, SHIPPING CORRESPONDENT IN LONDON

CANADIAN National Railways,
owner of 18 per cent of the Cast con-
tainer operation which was rescued
from near collapse last year, is
dose to agreement with both Cast
and the small breakaway Sofati line
over rationalisation of the excess
capacity on North Atlantic shipping
routes.

An announcement of the out-
come, which could lead to full or
partial changes of ownership of
both lines, is expected in the next
few days.

Mr Frank Narby, head of Cast
and normally based in Switzerland,
was believed to be in Canada for
talks yesterday, though his Fri-
bourg office declined to say where
he was or to comment on the talks.

Nor was any comment forthcom-
ing from Sofati, formed last autumn
by former Cast employees and 75
per cent owned by Mr Michel
Gaucher, a 39-year old French-
Canadian businessmann with an
engineering and legal background.

Shipping executives in toe UK
and Canada believe the CNR, keen
to bring more order into the de-
pressed Atlantic market, could
acquire Sofati and maybe tighten
its grip on Cast's operations. Mr
Narby owns 61 per cent of toe
shares in parent Eurocanadian
Shipholdings, based in Bermuda.

CNR was heavily involved in last
Aprifs 5200m rescue package for
Cast, which had expanded heavily
in new ships as the shipping slump
began to bite.

Syncor stake for French agency

BY OUR NEW YORK STAFF

OFFICE des Rayozmements, Ionis-
ants (ORIS), the health care divi-
sion of tite French Atomic Energy
fhmmiMiim, is paying S24-2m for a
30 per cent stake in Syncor Interna-
tional Corporation, a small Califor-
nian company which distributes
advanced medical products.

The move marks the first step by
the French agency into the fast
growing US. biotechnology market
Syncor will be granted exclusive
di s trib uti on rights to some 200 of
the French agency’s biomedical and
Industrial products. Oris will gain

access to the US. market through
Syncor' s network of 31 nuclear
pharmacies which serve over 1500
hospitals and clinics in the U.S.

Oris will purchase 2,475,340 new
shares in Syncor and additional
500,000 shares from other sharehol-
ders at a price of S8.15 per share.
Syncor will rerieve 520m which it
will use to help introduce Otis’s
products to the US. market and to
expand its direct sales force.

Mr Mark T. Hebner, President of
Syncor, says that “the new prod-
ucts, financial strength and addi-

tional human and technical re-
sources provided by this agreement
give Syncor the opportunity to be-
come a major factor in the biotech-
nology industry.

“Oris is a French leader and sign-
ificant world supplier in the fields
of radiophaimaoeruticals. radiother-
apy and other applications of radia-
tion technology. 1 '

Oris employs 800 staff including
150 scientists and, manufactures in-
vitro test kits, in-vivo diagnostic
agents arid precision radioactive
calibration devices used in industry

AMC puts
military
offshoot
up for sale

By Our Now York Staff

AMERICAN MOTORS, the small-
est. of the U.S. car makers and 46
per cent owned by Renault of
France, is planning to sell AM Gen-
eral Corporation, the world's lead-
ing producer of military vehicles, to
raise cash far product development.

The company disclosed that the
unit, which has an order backlog of
51 bn, was up for sole in a registra-
tion statement Died with the Securi-
ties and Exchange Commission
covering its proposed sales of 5m
common shores.

It also told the SEC that it fore-
saw a need for Sl.fibn from 1984 un-
til 1987 to meet its financial require-
ments. Of this total, it expected to
raise Sl.lbn internally, und 5500m
from Renault, banks, foreign export
financing and from the sale of AM
General.

The company warned that failure
to obtain any part of the financing
from external sources would hit its
new product programme, and this
in turn would hare an advene im-
pact on the company.

American Motors said it was put-
ting AM Genera] up for sale be-
cause it had concluded that it was
in the company's best interest to
concentrate its management effort
and capital resources on its general
automotive business.

The sale would be dependent on
an acceptable price and an accept-
able buyer. It would also be subject
to US. Government recognition be-
cause of AM General's substantia]
government contracts.

AM General is the only profitable
part of American Motors, contribut-
ing pre-tax earnings of 570.7m in
1982.

Last year. American Motors
made a net loss of S153.7m and is
forecasting a “substantial operating
loss in the current year.”

rm In London

1 | Morean House. 2 Angel Court

• - London EC2R 7AE, England

1 TIE M Alfred M- Vinton Jr.

*

I Y'B .Senior Vice President and General Manager

Cy Morgan Guaranty Trust Company of Nw York /"The

Morgan Bank] »«. the principal suh-idiary of J. F. Morgan
|jr & Co. Incorporated and has assets in excess of S56 billion

World headquarters: 23 Wall Street, New Y ork, NY 10015

Banking office*, representative

subsidiaries, and

afiiliati-d companies around the world

Condensed Statement of Condition

Dollars in millions

Assets

At December .11 1

1982

1987

Cash and due from banks

? 4 550

S' 4 433

Interest-bearing deposits

Investment securities (market value:

7 924

8408

85 707 in 1982 and 84 094 in 1981 )

5 725

4 788

Net loans and lease financing

30 549

28 434

Customers* acceptance liability

3898

3 079

Other assets

4 320

3 969

Total assets ,

56 778

53111

Liabilities

Total deposits

Federal funds purchased and securities sold

39 808

37 689

under agreements to repurchase

6 270

5 206

Other liabilities for borrowed monev

1823

3 032

Liability on acceptances

3902

3 079

Long-term debt

407

189

Other liabilities

2114

1662

Stockholder's equity

Total stockholder's equity

2-154

2 254

Total liabilities and stockholder’s equity ......

56 778

53 111

Selected Income Data

Dollars in millions

Twelve months ended |

December 31

1982

mi

Net interest earnings

S 946

S 726

Income before investment securities transactions ....

413

357

Net income

362

32Z

Incorporated i eith limited liability ia the State of Sew York, UJ..1.

Mem her of Federal Reserve System and Federal Deposit Into ranee Corporario

n

I i

\ ? •
v

:> • -\

*

■ \

V / c

! V-

-M S<\

16

INTL. COMPANIES & FINANCE

Higher depreciation lowers! ® ai ! k ^
profits at Kirin Brewery azira ts

BY YOKO SHIBATA IN TOKYO

KIRIN BREWERY. Japan's
largest beer producer, with
more than 60 per cent of the
domestic market, reported a
slight setback in its unconsoli-
dated net profits, down by 6.8
per cent to Y18.8bn (US579m)
in the year ended January 31.
Higher depreciation charges
and higher research and
development expenditures are
given as the reason for the fall.

Unconsolidated full-year pre-
tax profits were almost un-
changed, up by 0.5 per cent to
a record Y45JSbn on sales of
Y1.042bn, which were 5.8 per
cent higher. Profits per share
were Y 2 1.94, compared with
Y25J24 previously.

Beer sales rose 2 per cent

by volume, thanks to a sales
recovery during the warm
autumn and mild winter and
to strong sales of the newly
introduced mini - alu mini um
barrel draught beers (2 to 3
litre). Beer sales, by value, rose
by 6.3 per cent to Y970bn. How-
ever, sales of other refresh-
ments and foods were down by
0.3 and 0.5 per cent respec-
tively.

Significantly, the company be-
came the first food manufac-
turer to join the group of com-
panies with annual sales over
the Yl.OOObn level

The setback In net profits
were partially attributed to the
new pension funds which the
company put aside in the

special loss account.

In the current fiscal year, to
January 1984. beer sales are
expected to grow 3 per cent
in volume, aided by the intro-
duction of canned “draught
beer" and a sales boost for the
mini-barrels.

Sales by value are expected
to reach Y75bn. up 3 2. per cent.
Owing to higher costs, operat-
ing profits are expected to drop
by 0.5 per cent to Y45bn.

Because of higher deprecia-
tion charges resulting from the
completion of new Sendai plant
this April, the group's full-year
net profits are expected to drop
by 4 per cent to Y18bn. but
the company expects to peg its
annual dividend at Y7.50

Strong gain
for Singapore
steel group

By Georgie Lee in Singapore

NATIONAL IRON and Steel
Mills, the leading Singapore
steel mill, is making a one-for-
two scrip issue in order to raise
its issued capital to S$83.5m
(U-S.S30.5m). At the same
time the company is maintain-
ing the total dividend at 25 per
cent for 1982 on existing capital
with a final payment of 12 per
cent gross.

NISM also reports a 29 per
cent rise in group pre-tax profits
for 1982 to SS49.Lm. Group net
profits rose 26.5 per cent to
S$28.6m.

Operating profit went up
sharply, by 41 per cent to
S$45.7m, although turnover rose
by only 5.6 per cent to
S$355.7m.

Japan considers giving
Latin America yen loans

TOKYO — The Japanese Fin-
ance Ministry is considering a
proposal from banks that they
should be allowed to supply
syndicated yen loans to some
Latin American countries to
help them solve Uteir financial
problems.

The banks want to give
Brazil, Mexico, and Argentina
yen-syndicated loans to replace
part of the dollar loans they
plan to supply to them.

The Ministry will probably
make a decision on the proposal
by mid- April.

Bankers said that the kmount
of Japanese bank loans to
Latin American countries are
S826m for Mexico, $727m for
Brazil and $225 m for Argentina.

Japanese banks would prefer
yen loans because they will
hare little difficulty in raising

yen funds, and their profit
margins arc generally larger
for yen loans.

They also may not be able to
raise dollar funds easily if their
needs are concentrated in the
first quarter (April to June;
of fiscal 1983.

The Finance Ministry
recently tightened its guidelines
requiring Japanese banks to
match part of their participa-
tion in dollar syndicated loans
with medium- and long-term
funds. .

Yen loans should also be
welcome to borrower nations,
because interest rates are lower
than for dollar loans. The
present interest rate for most
yen syndicated loans is 8.6 per
cent, 0.2 points above Japanese
long-term prime lending rate.
Reuter

earnings
by 28 %

By Our Riyadh Correspondent

BANK AL J AZIRA reports
net earnings of SR 119m
(832m) for 1982. which trans-
lates into SR 7m profit remit-
tance for its parent bank, the
.National Bank of Pakistan.

The Jeddah-based bank,
which was the first in 1976
to accept “ Saudi-isation,” in-
creased its assets by 37 per
cent In 19S2 to SR 4-4ba and
its earnings by 28 per cent
to SR 110m, or SR 110 a share.

The results for the year,
which is likely to he the
last of the boom years for
the Saudi hanks, gave the
Pakistani-managed hank a
return on end-of-year assets
of 2.5 per cent. This com-
pares with 3.2 per cent and
4.1 per cent for Saadi Arabia's
two M go-go " banks. Saudi
American and Arab National
both of which have already
reported 1982 results.

AI Jazira’s deposits rose 41
per cent to SR 4bn, while
loans and advances rose by a
third to SR 1.7b n. Deposits
with banks abroad, primarily
interbank placements, jumped
69 per cent to SR 2^bn, mean-
ing exactly half its assets are
offshore.

Tbe bank's capital base,
defined as paid-in capital
plus reserves, was boasted by
16 per cent to SR 253m when
a quarter of the year’s net
was transferred to statutory
reserves.

Green Island Cement decline

BY ROBERT COTTRELL IN HONG KONG

HONG KONG'S Green Island
Cement company has reported
1982 profits almost two-thirds
down at HK$33_3m (USS5m),
against HK$93.7m previously.

But attributable profits were
boosted by an extraordinary
gain of HK$ 103.5m, reflecting
profits on a property trans-
action after offsetting a
HK$65m provision against ship-
ping investment losses and a
HK$40m . provision against
investments in associate com-

panies.

A final dividend of 70 cents
a share maintains the full-year
payout at HKS1.30.

Mr Li Ka-Shing, Green
Island’s chairman, said the
group was hit by poor weather,
import competition, and a
weaker local currency. He
expected the coming two years
to be difficult with profits and
dividends “ greatly affected,”
but said that the group has a
sound financial base. Mr Li's .

property group Cheung Kong
(Holdings) which reports next
Wednesday, holds 28.5 per cent
of Green Island.

• China Motor Bus. one of
Hong Kang's two franchised
bus services, reports interim
profits for the six months to
December 31 1982 of HKS18.5m,
against HK$32J>m earned in the
previous year’s first half. CMB
says it will pay an interim divi-
dend of 18 cents a share, and
a special bonus of 5 cents.

Swire Properties limited

Consolidated results for the year ended
31st December 1982 and 1982 final dividend

The audited consolidated results of Swire Properties Limited for the year ended
31st December 1982 were:

Year ended 31st December

1982

1981

Turnover

HKSm

1.108*

HKSm

1.430*

Operating profit

Property trading

228.6

623-0

Property Investment

172*

125.6

Sale of investment properties

37*

191.4

Total operating profit

439.2

940.0

Interest charges — net

108.3

25.9

Net operating profit

330*

914.1

Share of profits ot associated companies and
joint yentures

36.7

28.9

Profit before taxation

367*

943.0

Taxation.

59.2

122.9

Profit after taxation

308.4

820.7

Minority interests

m

22

Profit lor the year

. 316j0 .

. 817.9

Preference dividends

—

16.6

Profit attributable to ordinary shareholders

316j0

801 J

Earnings per ordinary share

- - = J||

1340

Dividends per ordinary share

'

Interim

164

16c

Pinal - recommended

• 320

• • 32**

,

. ... 480 •

. ■ 48®-

Net assets per ordinary share

HKS6-97

HKS9.31

Consolidated profit for the year was HKJ316.0 million compared with HK$ 81 7S million in 1981,
a reduction of 49.6 per cent if the HKS191 XI million arising In 1981 from the sale of an investment
property in Malaysia is excluded. Earnings per ordinary share amounted to 52 cents compared with
134 cents In 1981.

Final Dividend The directors will recommend to shareholders'^ the Annual General Meeting to be
held on 19th May 1983 a final dividend of 32 cents per ordinary share. Ibis, together with the interim
dividend of 16 cents per ordinary share, makes a total distribution for the year of 48 cents per
ordinary share, the same as that paid for 1981. The finaJdhrtdend will tie paid on 20th May 1983 to
ordinary shareholders on the register at the dose of business on 19th May 1983; the register will be
closed from 5th May 1983 to 16m May 1983 bom dates inclusive.

Valuation at Investment Properties It is the Company's policy to value Its investment properties
each year and to instruct independent valuers to carry out these valuations at least every three years.
The valuation at the end of 1982 was carried out by Jones Vang Wootton, their valuation of
HKS3.938.2 million reflects a reduction of HKS1.43&3 million as compared with the valuation which
was carried out at 3 1st December 1981. In the past increases In valuations have been transferred
directly to a valuation reserve and, in line with this practice, the valuation reserve has been reduced to
reflect the new valuation. The net assets per ordinary share at 31st December 1982 were H KS6.97
compared with HKS9.31 as at 31st December 1961.

Prospect s

Market conditions are expected to remain difficult In 1983: Sales of units St Taikoo Shfng

lidentlai

have improved recently at reduced price levels, and are evidence of underlying demand for resident!
‘ ' m Hong Kong, particularly In the section of the market In which tne Company is most
I. The Company is well placed to take advantage of any Improvement which does occur.

Ha per . . _ .

each, which were held entirely By Swire Pacific Limited, were converted on 30th June 1982 huo S3POOOOO
S1.00 each, thus bringing the total number ot ordinary shares in issue to 612^363^2 ol
vina Pacific Limited owned 7254a on that dale. Earnings and net assets per ordinary share for each

Hong Kong, 18th March 1983

D.&Y. Blucfc
Chairman

I

Swire Properties Limited

The Swire Group

Swim How*, Hong Kong.

! Ceiling exceeded

The capital base is a key
barometer of a Saudi hank's
health because the Saudi
Arabian Monetary Agency
ties most of its regulations
to capital. For instance, in
Al Jazira's case, the enlarged
capital base means a higher
legal lending limit to a single
client of SR 63.5m and a new
deposit ceiling of SR &£bn.

AI Jazira has been battling
with a low capitalisation for
the past few years, and its
deposits have again exceeded
the ceiling. Axtlcie Six of the
Banking Control Law requires
that half the deposits in
excess of the celling be placed
with the Saudi Arabian Mone-
tary Agency as interest-free
penalty reserves.

Management set aside
SR 20m as the tax obliga-
tions of its foreign parent,
which most pay a 45 per cent
corporate" income tax since Its
five-year tax holiday expired
in 1981. But its 1982 tax pay-
ment has been indefinitely
postponed until a Ministry of
Finance Committee completes
Its review of a tax fomola.
A letter was issued to that
effect earlier this week.

Financial Times Friday March 25 19 SJ. ;.-

Th» ad\cru»emcni compile* uuh the requite mem* ol die Count il of The Swtk Ettlungfi ...

25th March. 108 S_

Oesterreichische Kontrollbank Aktienges ell sc h a ft

i Incorporated nvk limited luiMity in the fo'pukltc of Austria i

U.S.S 175,000,000
10% Guaranteed Notes 1991

Guaranteed as 10 Pan item of Principal and Interest by the

Republic of Austria

U.5.S 100,000,000 of which arc* being issued as the Initial Tranche

Issue Price for the initial Tranche 93H%

The following have agreed 10 subscribe or procure subscribers for tlw Initial Tranche:

Orion Royal Bank Limited
European Banking Company Limited
Morgan Guaranty Ltd
Banque Paribas
Cr edi tanstal t-Baukverein
Credit Suisse First Boston Limited
Deutsche Bank Aktiengesellschaft
Girozentrale und Bank der dsterreichisch.cn Sj
Osterreichische L&nderbank Akdengesellschal

Swiss Bank Corporation International Limited
ire & Co.

S. G. Warburg

Ltd.

The Notes constituting the above Issue have been admitted to the Official List by the Council df
The Stock Exchange subject only to the issue of the Notes. 1

Interest is payable annually on 1 8th April, the first payment being made on 1 8th April, 1 984.

Full particulars of the Notes are affable* itt the Excel Statistical Service and may be obtained
during usual business hours up to and including 8ih April. 1983 from:-

Orion Royal Bank Limited,
1 London Wall,

London EC2Y SJX

CaxeaoveftCm
and 12 Tohnhouse Yard,

London EC2R7AN

CREDIT COMMERCIAL DE FRANCE
U.S. $ 1 25 , 000,000 Series A
Notes due 1998 - •

;For ttie,si£ months . '

. 24th March 1963 to 26th September 1983
the Notes will carry an interest rate
of per annum with a coupon amount of

USS51 .34 per USS1 000 note. The relevant interest
payment date will be 26th September 1983.

Listed on the Luxembourg Stock Exchange
By: Bankers Trust Company, London
Agent Sank

ACRES

An open ended fund (listed in London) specialising in shares
of precious metals, otts and other mine rate.

Consultant: Dr F.D. Coflender.

Investment Advisers: Strauss, TumbuB & Co.

Assets per share growth latest (pouter •
last 12 month*

2&4%
434*

An interim DMdendof 20 edntaper them haaboan
dec^aurediiiropectcrf thc year to Auguat 1903. ,

Fbr copies of the Half-yearly Report write to: -
Minerals OBs and Resources Shares Fund Inc,

Royal Thist House, Colomberle, St Hefier, Jersey CJ.
Forprtce sat/ yield - see RnancU Times "Othtion a Overseas".

AH of these securities have been sold. This anncxincemenf appears as a matter of record only

TekMdeo Systems, Inc.

6,250,000 Shares

Common Stock

March. 1983

L F. ROTHSCHILD, UNTERBERG, TOWB1N ROBERTSON, COLMAN & STEPHENS SHEARSON/AMERICAN EXPRESS INC.

BEAR, STEARNS & CO.

THE FIRST BOSTON CORPORATION

DONALDSON. LUFKIN & JENRETTE

Ssanrtes Corpotonon

E. F. HUTTON & COMPANY INC.

BLYTH EASTMAN PAINE WEBBER

Ineaporated

DREXEL BURNHAM LAMBERT

incorporated

KIDDER. PEABOD Y & CO. LAZARD FRERES & CO.

fticorpotuted

MERRILL IYNCH WHITE WELD CAPITAL MARKETS GROUP PRUDENT1 AL-BACHE

MomBl^nch, Pieros. Former & Smati incorporated Securities

SMITH BARNEY HARRIS UPHAM & CO.

maotpataied

DEAN WITTER REYNOLDS INC. ALEX. BROWN & SONS HAMBRECHT & QUIST

aiearparcued

ALLEN & COMPANY . F. EBERS1ADT & CO., INC.

Incorporated

MONTGOMERY SECURITIES MOSELEY. HALLGARTEN, ESTABROOK & WEEDEN INC.

WARBURG PARIBAS BECKER

A.G Beau*

PIPER, JAFFRAY 8c HOPWOOD

Incorporated

BASLE SECURITIES CORPORATION

ROTHSCHILD INC.

CAZENOVE INC.

NOMURA SECURITIES INTERNATIONAL, INC.

BANK JUUUS BAR 8c CO. AS BANQUE de PARIS etdes RAYS- BAS (SUISSE) S. A

BUCKMASTER & MOORE COMPAGNIE de BANQUE et d’fNVESTlSSEMENTS, CBI

DIUON, READ & CO. INC.
GOLDMAN, SACHS & CO.
LEHMAN BROTHERS KUHN LOEB

Incorpor at ed

SALOMON BROTHERS INC
WERTHEIM & CO.. INC,
TUCKER, ANTHONY &R.L DAY, INC.
A G. EDWARDS & SONS, INC.
OPPENHEIMER 8c CO„ INC.

Thomson mckinnon securities inc.

ROBERT FLEMING

moot pen cued

UURAFIN INTERNATIONAL CORPORATION

KLEINWORT, BENSON

Incorporated

WOOD GUNDY INCORPORATED

BANQUE VERNES et COMMERCIAL de PARIS
CREDIT COMMERCIAL de FRANCE

HAMBROSBANK

Loured

SAMUEL MONTAGU & CO.

umea

PIERSON, HELD RING & PIERSON N.V.

MORGAN GRENFELL & CO.

bmttod

J. HENRY SCHRODER WAGG 8c CO.

Urm&e

PICTET INTERNATIONAL

tm*«d

VE REINS- und WESTBANK

- AkbengeMbctxXr

'•Fin'andal.'TSines- Eriday March 25 1983

UK COMPANY NEWS

17

Tricentrol profits and dividend maintained

DESPITE. AN increase in sales
from £88.6m to £103 Jm, taxable
profits of Tricentrol, the oil and
pis exploration and- production
group, were unchanged at £45. 9m
for 1982.

Operating income rose by
£2-7m to £49. 6m, but this was
offset by higher interest charges
on net borrowing Increased to
support The- '•? group's North
American expansion.

Net income ■ advanced from
£15 - 2 m to £l&3m, after deducting
£26. 9m f£20.7m) for Petroleum
Revenue Tax (PRT). and
Supplementary Petroleum Duty
. (SPD) and £0.7m <£lOm) for
corporation taxes. -

Earnings per 25p share
Increased by i.7p to 25.5p on a
previous year adjusted basis,
while the dividend-— on the
increased capital — Is maintained
at 8.4p net with an unchanged
final of 5.e?i as forecast at the
time of the £28m rights issue.

Dividend coste.rose form £5.Im
to £6. 6m in 1982 as a result of
an increased number of shares
in issue, leaving, retained profits
for the year of £11.7m, compared
' with flO.lm,

The group's 1982 sales and
operating income was. split
geographically as to: oil and gas
sales UK £31. lm i£73.4m) and

income £42m (£4Q.4m); Canada
£10.6m f£73m) and £3 5m
l£22m); U.S. £11 .6m (£7Pm>
and £L5m (£&2m) Oil trading
income was £1.6m (£l.lm).

Comparative figures for 1981
have been restated to take into
account a change in accounting
policy on depletion during the
year, in a continuing attempt to
match costs to revenue, the
acquisition cost of undeveloped
properties and the development
cost of properties not yet pro-
ducing have Been excluded from
the cost pool in calculating
depletion. If this policy bad been
in place in 1981, profits then
declared would have been
increased by £0.8m.

The directors have also
reviewed the method of estimat-
ing the change both to UK pro-
duction taxes (SPD and PRT)
and to corporation taxes. So far
as production taxes are concerned
It was felt, partly as a result of
changed tax legislation, that
Tricentrol was providing for
these taxes on a basis which was
not sufficiently prudent unless
the sterling value of oil continued
to Increase steadily.

The calculation of production
faxes expected to be borne over
the remaining life of the field
and - the proportion charged to

the current period is sow based
upon noivescalated prices and
costs, resulting in the charge
being less related to income is
tiie later years.

On corporation tax the
directors have concluded that,
bearing in mind the level of
future North Sea expenditure,
sufficient tax has already been
provided and no further pro-
vision for deferred tax would be
needed.

The provision for UK taxes for
the year, by way of Government
royalty and production taxes
amounted to £34. 5m (£27. 4m)
representing 695 per cent (58
per cent) of the group’s UK
profits before tax and royalties.
If corporation tax is taken into
account, the Government take
rises to 74.1 per cent (81.3 per
cent).

Group cash flow from opera-
tions totalled £83 .7m, compared
with £67. 5m in 16S1, before t?'
payments of £25 -2m (£8.3m).

Cash flow per share Increased
from 106 Jp to 116.5p.

The group had an active year
in 1982 and the board intends to
maintain the nutimnm level of
activity which it says can be
sensibly absorbed by available
cash flow and a prudent level of
borrowing.

HIGHLIGHTS

Lex comments on yesterday's disappointing trade figures
for February before moving on to examine the Implications
of Cable and Wireless buying a 35 per cent stake in Hong
Kong Telephone which increases the group's exposure to the
colony but will provide a short-term fillip to earning?. The
column then concentrates on the annual report from Commer-
cial Union where there is an implicit guarantee of a maintained
dividend for the current year. Lex finally looks at the higher,
and final, offer to come out of the Basstsbaw camp for
beleagured UDS. AD eyes were on Hanson, the rival bidder
to the Heron lead consortium. Elsewhere on the retail scene
Waring and GUIow announced that it too might become the
subject of a bid and the shares shot up 22p to I40p.

• comment

Tricentrol was giving no clues
yesterday to help explain the
abruptness of Its chief execu-
tive's departure, while the profit
and loss statement contained no
surprises — the changed tax
policies had already been
announced. Revenues, boosted
by the weakness of sterling,
showed much the same distribu-
tion pattern as In 19SL Higher
interest expenses in the U.S.
appear to have more than offset

the lower price of drilling rigs
and other cost savings in North
America. The Jump in Tri-
centrol's PRT bill suggests why
tbe company should be a notable
beneficiary of the North Sea tax
changes — which will allow
appraisal drilling costs to be
offset against PRT— and gearing
still looks sound relative to
others in the sector: assuming
cash of £37m. net debt stands
around 33 per cent of share-
holders’ funds. The shares,
unchanged at I58p, yield 7.9 per
cent

BBA advance slows
in the second half

TAXABLE PROFITS of BBA
Group, the Yorkshire-based
manufacturer of. friction
materials, conveyor belting and
industrial textiles, ' advanced to
£&55m for 1982. an improvement
of 27.8 per cent over the previous
year’s £3 .56m.

However, the directors point
out that as expected at . the
interim stage, the momentum of
activity in the first half of the
vear was not maintained during
the latter part — interim profits
reached £3Jm {£064,000} helped
by special factors -in a number
of companies.

These factors were not expec-
ted to continue through the
second half but a substantial
improvement in the full year
figures was anticipated.

. Following the cost reductions
that have taken place in operat-
ing companies and - “ some ■ en-
couar aging signs that a recovery
from the recession Is on Its way "
the directors expect profits for
the current year to show an. im-
provement.

Meanwhile, they are holding
the dividend for 1982 at 1.74p
per 25p share by a same-again
final of 0.9p— earninss per share
were up from l-54p to 2-14p.

Group turnover for the year
improved Iff! 15.6 pCc cent -to
£1 50.9m with sales -from, the- UK
11,6 per cent higher and those
of the overseas' cbtflSjJamM SiHB 1
by’ 18.4 per c&®5 i

Exports from the
increased by 19.4 per cent, repre-
senting 24.4 per cent of sales of
UK companies and marking: a
recovery of the ground lost in
1981

The balance from trading rose
from £11.22m to £ 12.2m. an
increase of 8.7 per cent, although
the margin, on sales dropped
slightly to 8.1 per cent

The UK companies again made
a loss at the pre-tax level but at
£279,000 the figure was sub-
stantially less than the previous
year's £754,000. Profits of the
overseas companies advanced by
almost 12 per cent helped again
by a weaker pound agai n st over-
seas currencies.

Tax charge rose to £&32m
(£2. 65m) but minorities added
£12,000 (took £10,000).

After an extraordinary debit
this time of £663,000 and a loss
last year of £124m on the sale
of- a subsidiary, there was an
.attributable surplus of £581,000.
. compared with a deficit of
£342,000.

• comment

The hopeful signs of a year ago
disappeared for BBA in the UK
and North America. Midyear
recovery to £Jm at Mimes was
replaced by a more than £|m
second half loss despite 200
redundancies and concentration
of production. The 1982 pre-tax
result was struck after £\m
surgery costs, bnt currency
translation provided an 8 per
cent pre-tax advance.. Germany
remains a strong performer.
South Africa is only just begin-
ning to show a weakening of
demand and the Australian
associate is in good form. How-
ever while some price increases
may be --achieved they will be
difficult to make in the UK and
improvement here will have to
come from internal efforts. By
containing spending within cash
. flow group borrowing has been
kept in check leaving scope to
Jbnd.A jeeal: upturn, in demand
when it occurs. . Meanwhile
approaching t breakeven is likely
*ih''"tEE" UK But 'with -general
dtadauuhagntehalng Jtet the out-
look In 1983 is for only a small
advance tearing the pre-tax total
still, far short of the 1979 £S-2m
peak. Though the group says the
"asbestos scare” tag, which. has
damaged the share price in the
past, is unfounded in its case,
external factors may continue
to affect market reactions.

Yesterday the shares remained
unchanged at 35p for the
uncovered dividend to yield 7.3
per cent

SLOUGH ESTATES

The UK rental increase at
Slough Estates was 9.6 per cent
and npt 1.6 per. cent as reported
yesterday.

Sharp recovery
for Black
& Edgington

Substantial reorganisation over
the past two years and
“ spectacular” results by its tour
operating subsidiary enabled
leisure group Black & Edgington
to stage a sharp recovery for the
12 months ended December 31
1982.

However, no dividend is being
recommended for tbe year
((Up) but the directors hope to
be able to consider an interim
payment for 1983 if results for
the current half year fulfil
expectations.

At the pre-tax level profits
totalled £l.Xm. a swing of £2 58m
from the deficit of £1.48m
reported for 1981. with tbe
second half contribution well
ahead at £959.000. compared
with a . loss of £921.000 pre-
viously.

Turnover advanced to £55 Um
(£53 .4m). Interest charges took
£1.19m (£1.31m), associates

added £118,000 (£128,000). tax
paid increased to £292,000
(£82,000). minorities accounted
for £171,000 (£84,000) and nob-
trading and extraordinary debits
totalled £376.000 (£774,000).

Available profits emerged at
£262.000, against a previous loss
of £2.4m. Earnings per 50p share
stood at 3.35p (8.69p lose)

Mr Garry Moodie. group
managing director, says he is
confident that a continuation of
rationalisation and development
plans will produce a further
improvement in profits.

He reveals that bookings -of
the tour subsidiary. Insight
International Tours, which more
than doubled its profits during
1982, are already showing a
marked improvement over last
year and that the recently-
announced acquisition of Evan
Evans, the London sight-seeing
operator, promises “an exciting
future."

Utico Holdings

The London Stock Exchange
listing of South African company
Utico Holdings is to be cancelled
and its English register will be
closed in May. Utico’s listing
on the Johannesburg Stock
Exchange will continue.

m

Unaudited Results

6 months to

31 Dec 82

6 months to
31 Dec 81

£000

£000

Turnover

17,689

14,784

PROFIT BEFORE TAXATION

*

3,113

2JSZT

Taxation

725

464

Profit after Taxation •

2,388

2,363

INTERIM DIVIDEND

493

447

(Net 'Dividend per Share)

(1.461p)

0-328p)

Earnings per share

7-1p

7.0p

Net Asset Value per Share

160p

150p

Contrsbcted Aent Roll

£4 59 1m

£3.900m

DIVIDEND

A r«t .Interim dividend of 1.461 p per share will be paid on 10th May 1983 to share-
holders registered atcloseof business on 21st April 1 983. This represents an Increase
of 10%, ....

D.J. Cope, Chairman

24th March, 1983

Fairview

Bemrose hits target
with £0.7m increase

AS A RESULT of the expansion
in security printing, the invest-
ment in latest technology, the
raising of business efficiency and
the reduction of costs, Bemrose
Corporation has made a
significant advance in profits and
earnings for 1982.

In line with the forecasts made
last June in fighting off the take-
over bid by Bunzl, profits before
tax have risen from £2.37m to
£3. 06m, earnings are up from
2U>lp to 26.58 p. and the divi-
dend is increased by 6p to lOp
net with a final of 6p.

Turnover fell from £49.38m to
£45. 53m because of the divest-
ment of non-profltabie businesses.
Cash inflow was £1.7m in the
year, and by the year end the
debt equity ratio had been cut
from 34 per cent to 23 per cent.
New capital equipment costing
over £2m was installed in 1982
of which some £0.5m was leased.

After tax of £498,000 (£200,000),
net profit came out at £2.56m
I £2. 17m). There were extra-
ordinary debits of £887,000
f£i.?lm) which include restruc-
turing the Transfer Printing
and Engraving operations and
the defence costs against the bid.

Bemrose Printing has
developed its position in security
printing and gained additional
business in cheques, tickets,
plastic cards, examination papers
and-a-wide range of government,
printing. Bemrose -.Calendars
and Diaries again made an im-
portant contribution to profits.

As a result of cost reductions
and productivity gains in Bem-
rose Flexible Packaging and
Bemrose Cartons, the profits of
both these units held up well.
Transfer printing is being re-
structured. which should enable
the operation to trade profitably
at a level of sales comparable
to 1982.

A further £3m investment pro-
gramme is under way. The
group's operations are now far
more competitive and the real
benefits will come when the
economy picks up and demand
increases, the directors state.

• comment

Bemrose’s results and its divi-
dend payment are precisely in
line with the forecast made by
the company in July at the height
of Bunzl's take-over bid. Tbe
company has felt obliged to put
through the 150 per cent increase
in dividends, even though this
has meant a further erosion
of the reserves on an inflation-
adjusted basis for tbe fourth
successive * year. Shareholders
will be disappointed that the
£3m forecast for pre-tax profits
has been achieved only by taking
£890,000 of costs below the line,
the sixth successive year that
extraordinary provisions have
been made for rationalisation.
The labour force has been
reduced by 470 to 1,750 and the
least profitable subsidiaries, in
book and paper-bag printing,
have ben sold off. Bemrose is
market-leader in its traditional
calender-printing business and
has specialised in high-growth,
high-technology and high-margin
security printing, with 20 per
cent of the cheque market. But
a question mark continues to
hang over the packaging division,
the company's largest, and the
management Is sceptical as to
whether it will reap any imme-
diate benefit from an upturn In
the economy this year, The share
price of 181p (up 4p) is 14 times
the fully-taxed prospective earn-
ings, if these remain at £3tn. com-
pared with a CCA net asset value
of 188p. Bid speculation is the
explanation.

Profit lift
at Hepworth
Ceramic :
pays more

i THE SECOND half has produced
I a slight increase in profits for
I Hepworth Ceramic Holdings and
> this lifts the total for the
year 1982 from £24. 15m to
I £24.61 m. Tbe dividend is raised
from 52Sp to 5.8p net. the final
being 3.35p,

Turnover amounted to £298. 8m
(£289.7m) and the trading profit
to £27.63m (£27. 43m > split as to:
clayware £15.6m (£12.Bm);

refractories £l.?m ( £2.2m ) ;
industrial sands and minerals
£7.1m (£7.4m); plastics £3.1 m
(£3.2m); foundry resins and
equipment £0.4 m loss <£lm
profit); engineering and miscel-
laneous £0.5m (£0.8m).

The contribution from asso-
ciates fell to £474.000 (£746.0001
and interest charged was
virtually unchanged at E2.55m.
After (ax £9. 13m {£8.39mi the
not profit came out at £15.4Sm
(£15. Tam). Earnings are shown
to be 9.84p (lO.Olp) per share.

There are extraordinary
exchange gains of £5.5m (£4.92m)
and extraordinary debits totalling
£19.8 lm (£6J24m). These com-
prise:— closure and restructuring
costs £9.5m (£6.4m); loss on
withdrawal from joint venture
with Cemeqt-Roadstone in
Ireland £12.1m>: loss on closure
of other associated companies
£0.3m; less tax relief £2.1m
(£Q.2m).

• comment

In what was .one of the worst
ever years for the UK refrac-
tories industry. Hepworth
Ceramic still managed a mar-
ginal increase in pre-tax profits.
In keeping with its policy of
dimming capacity in line with
declining demand, the company
made 500 redundancies at a cost
of £2.6m in this division and pro-
tected itself ftirldier by increas-
ing exports a few points to 40
per rent of production. Tbe
brightest spot was "clayware,
where technological improve-
ments led to a 22 per cent
increase in trading profits. The
plastics, clayware and foundry
divisions were hampered by
losses estimated at between
£2. 25m and £2.5m from the U.S.
where markets collapsed even
more violently than in Britain.
Below the line, the £12.1m extra-
ordinary loss . on Hepworth's
withdrawal from Ireland relieves
the company of operating losses
of about £lm annually. The
increased dividend comes by
virtue of the company's confi-
dence in the backing of a sound
balance sheet where capital gear-
ing is only 12.6 per cent An
upturn in Hepworth's steel-
related divisions seems unlikely
in 1983, but better housebuilding
figures on both sides of the
Atlantic should help plastics and
clayware pull the company up to
£30m pre-tax. The share price
slipped 8p to 139p on a pros-
pective p/e of 15 and yielding
5.9 per cent.

Pritchard Group
jumps by 67%

REFLECTING its acquisition
programme and organic growth,
sales revenue at Pritchard
Services Group for the year
ended January 2 19S3 advanced
by £96m to £273 m.

Profits rose by 67 per cent,
from £6.11 m to £l0.22ni. and the
chairman Mr Peter Pritchard,
says that despite the difficult
economic climate, the impressive
range of contracts recently won
by the group “ gives us every
confidence for our long term
future.”

Tbe group is engaged in

building maintenance and health-
care management services, with
interests in security, linen rental
and food. Mr Pritchard says that
with this year's substantial in-
crease profits have been trebled
in only two years.

" Our growth during a severe
recession has been fostered by

accumulating evidence of the
benefits businesses and public
authorities everywhere can gain
from employing skilled specialist
contractors to carry out what are
normally regarded as expensive
but essential services." he tells
shareholders.

After tax £3 49m (£2.1 5m) and
minorities £536.000 (£392,000).
the net profit attributable rose
from £3. 56m to £fi.2m. The final
dividend is 2.1p for a net total
of 3p, against the equivalent of
2.5p allowing for the scrip issue
and subdivision, and ahsnrbs
£2.43m (£1.87m). Earnings are
shown at 7.66p (5.79p).

Recalling recently-won con-
tracts, Mr Pritchard say's the
group is providing full catering
services for the cadets at West
Point. the U.S. Military
Academy, and supplying daily
meals to the personnel of the
US. Naval Support Force at
McMurdo Sound Antartica.

In Britain, refuse collection

and street cleansing in Bath.

refuse collection in South
Oxfordshire and gardens main-
tenance at Wandsworth are
worth over £Sm to the group,
and will save an estimated £3.5in
for local authorities. Crothal!
will be providing domestic ser-
vices to the East Surrey District
General Hospital in Red bill.

• comment

Pritchard Services has added
another successful year to its
solid profit (rack record. Last
year's healthy 67.5 per cent pre-
tax profit advance reflected
further growth m the traditional
areas of building maintenance
and cleaning as well as the grow-
ing contribution of health care
which has resulted mainly from
the acquisitive years of 1980-St.
Whereas building maintenance
kicked in some 57 per cent of
overall profits in 1981 against 21
per cent from health care, the
two divisions have now reached
parity with each contributing 50
per cent nf group earnings. The
importance of the NMC acquisi-
tion — which made significant,
(hough unquantified profits last
year— boosted overseas activities
so that the U.S. end now accounts
for 50 per cent nf group sales
(34 per cent in 1981 1 and 20 per
cent of overall opera ling profit.
Profits from here might have
been even higher but for heavy
reorganisation costs following
the merging of health care activi-
ties. Further inhibiting profit
growth was a sharp increase in
interest payments to £2,3iu
(£1.3m) arising partly from
higher borrowings used to fund
the £20m NMC acquisition. The
market had expected £10m pre-
tax, but the share moved up 3p
to 164p, for a yield of 2.7 per
cent

‘Creditable’ performance
from Metal Closures

Squirrel Horn down

Profits of sweet manufacturer
Squirrel Horn continue to de-
cline. In the second half they
fell to £74.000, to give a total
of £243,000 for 1982, compared
with £460.000

The dividend is being main-
tained at 1.8125p net per sbare,
the final being 1.0625p.

Turnover of this maker of
sugar confectionery, toffee and
chocolate improved slightly,
from £6.74 m to £6.83m,

DIVIDENDS ANNOUNCED

Date

Corre-

Total

Total

Current

of s ponding

for

last

payment payment

div.

year

year

Banro Inds

2.73

May 9

2.73

3.3

3.3

BBA Group

0.9

July 6

0.9

1.74

1.74

Bemrose Corporation ...

6

May 26

2.5

10

4

Bernard Matthews

3.05

May 13

2.38

535

4.38

Black and Edgington ...

Nil

—

Nil

Nil

0.1

Bine Bird

int.

1.45

April 22

1.45

—

4.57

Fairview Esis

int.

1.46

May 10

1.33

—

5.06

Frtedland Doggart

3.35

—

3.15

5.6

5.1

Hepworth Ceramic

3.35

July 1

3

5.6

5.25

Bowden Group

ml

1.46

April 29

1.46

—

4.4

Maynards

Int.

3.13

May 6

3.13

—

9.75

Metal Closures

3.5

May 16

3.5

5.7

5.7

Noble and Lund

0.18

—

Nil

0.35.

NU

Owners Abroad* ..

0.5

July 4

—

0.5

—

Pressac

int

0.35

May 23

0.35

—

1.1

Pritchard Services

2.1

July 4

1.75

3

2.5*

Saga Holidays

int

1.2

April 29

1.2

—

3.73

Squirrel Horn

1.06

May 13

1.06

1-81

1.81

Tricentrol

5.6t

—

5.8

8.4

8.4

J. Walker Gold

int.

0.5

—

1

—

1

Dividends shown peace per rhare net except where otherwise stated.

* Equivalent after

allowing

for scrip

Issue.

1 On

capital

! increased by rights and/or acquisition

issues.

t USM

Stock.

Toy retailing
helps Maynards
reach £ 1.39m

A reasonably good performance
by Maynards, with the toy depart-
ment in particular having a
successful Christmas trading
period, produced marginally
higher pre-tax profits of f 1.39m
against £1.36m for the half year
to the end of December 1982.

Turnover however was deflated
from £39. 05m to £37. 85m by a
decrease in tobacco goods after
the group stopped using deep
price cuts on these goods in order
to restore margins.

Commenting on outlook. Mr
Robert W. Ramsdale. chairman,
says that sales in January and
February were disappointing but
he nevertheless hopes the
improving trend In results will
be maintained.

The net interim dividend has
been held at 3.125p— a final of
6.625p was also paid last year
from pre-tax profits of £li>m.

Manufacturing increased! profits
and Mr Ramsdale says that the
division's place in the market Is
being reassessed, bearing in mind
changing eating habits.

Pre-tax profits were struck
after increased depreciation of
£364,000 (£273,000) and excep-
tional debits of £78.000 (credits
£40,000) relating to reorganisa-
tion and other costs. Interest took
less at £46,000 (£60,000).

The Ashdown InvestmentTrust

Public Limited Company

Managed by J. Henry SchroderWagg & Co. Limited

The Annual General Meeting was heJdat120Cheapside, London EC2
onTuesday, 22 March, 1983.

The following is a summary of the Report by the Direc to re to r the year ended 30 Novem ber, 1982

Total Revenue

Revenue after taxation and expenses
Earnings per Ordinary Share
Ordinary dividends for the year net per share
Net asset value per 25p Ordinary Share

1982
£1,379,612
£ 767.635
6.98P
6u90p
318.3p

1981

£1,335,759
£ 741,59$

660p

267. 2p

ALMOST maintained profits
were achieved by Metal Closures
Group in 1982. which the direc-
tors feel are “ creditable results
in a very depressed industry.”
Overseas earnings, particularly
those derived from the South
African group, have made signi-
ficant contributions.

I The economic depression con-
tinued unabated in die second
I half, and the profit for that
! period fell from £3.4 lm to
£2.94m, to leave the year's total
at £5 -95m compared with £6.12 m.

All divisions operated at well
below capacity for the whole
year. Additionally, restrictions
on capital spending by . potential
customers, -which • affected
Techno Industries in the first
half, have continued and
worsened, resulting in that com-
pany making a loss for the year.

The dividend for lie year is
held at 5.7p, the final being 3.5p
net.

Group turnover rose by £9m
to £76-38m. The profit was
struck after redundancy pay-
ments of £196,000 (£199,000).
Tax takes £ 1.83m (£ 1.79m) and
minorities £695,000 (£585.000). to
leave the net attributable profit
at £3 ,43m f£3.73m). Earnings are
stated to be I6.2p (18.3p) per
share. This year there is an
extraordinary charge of £374,000.

Without an economic recovery
worldwide, the directors see

little change in the pattern of
trading and hence results.

• comment

Losses from the Techno subsi-
diary were the chief reason for
Metal Closures* 2.7 per cent
decline in pre-tax profits — a
group performance below the
market's expectations. Techno's
markets virtually collapsed in
the second half as customers cut
back sharply on their plans for
capital spending on packaging
machinery. The subsidiary has
now been reshaped and all its
operations put under one roof,
giving rise to the £374,000 cxrra-
, ordinary debit. Meanwhile,
orders have improved in the
current year. The group's work-
force has been reduced by a
further 300; of which 100 came
from Techno. The rest of the
UK operations benefited from a
full year’s contribution from the
consolidation of production at
Bromwich which took place at
the end of 1981. Stripping out
currency fluctuations, the com-
pany reports South African pre-
tax profits ahead by 17 per cent.
Despite a gloomy economic back-
ground, the market for bottled
drink caps there remained
bright. Analysts expect group
pre-tax profits to rise to £6.5m
this year on the back of an
improvement in UK markets.
The share price slipped 2p to
129p for a p/e of 9.5.

Jas. Walker Goldsmith
optimistic despite losses

Copies of the Report and Accounts are available from the Secretaries,
j. Henry Schroder Wfagg & Co. Limited, l20Cheapside, London EC2V 60S.

Following full year losses of
£ 1,96m against profits of £2. 92m,
Janies Walker Goldsmith &
Silversmith continued to produce
losses for tbe first half to the
end of October 19S2. The pre-tax
deficit increased sharply from
£360,000 to £808,000.

However, the directors say
that in the second half, there
has been an improvement in
sales in the important Christmas
period and they are confident
that a substantial redevelopment
programme is now contributing
to a return to profitability.

The net interim dividend has
been cut from lp to 0.5p— last
year's final was missed. The
directors will consider this year's
final in the light of full-year
results. The interim has been
declared in the light of property
disposals and the encouraging
progress in rationalisation.

The fall in turnover by 12 per
cent from £12. 46m to £10.97m is
mainly due to branch rationalisa-
tion and represents the loss of
sales from 15 branches which
have closed. The net trading
loss of £185.000 (profits £259,000)
reflects the relatively poor trad-
ing during tbe first six months

as well as extra costs in develop-
ing jewellery displays and shop
reflte.

Pre-tax results were struck
after depreciation took £308.000
(£336,000) and interest £315,000
(£283.000). After tax of £43.000
(credit £154.000) net losses stood
at £851,000 (£206,000).

The Lombard
14 Days Notice

Deposit Rate is

10k

Lombard North Central PLC,
17 Bruton St, Lor Jon W1 A 3DH.

For details phone 01-409 3434

LADBROKE INDEX
based on FT Index
650-655 (-1)

Tel: 01-493 5261

M. J. H. Nightingale & Co. Ltd.

27/28 Lovat Lane London £C3k 8EB

Telephone 01-621 1212
P/E

1962-03
High Low

Company

Gross Yield
Price Change div.(p) %

Fully
Actual taxed

142

120

Ass. S nr. fnd. Ord. ...

137x4

84

4 7

SO

JO.5

158

117

Asa. Brit. Ind. CULS...

153

10.0

6 5

—

—

74

57

Aitaprung Group

63

—

61

9.7

7.2

12.4

46

32

Armitogo & Rhodes

32

- 1

4.3

13 4

3.6

6.3

307

197

Bardon Hitr

307

—

11.4

3.7

12.9

162

135

100

CCL Hoc Coni/. Prtl....

133

- 1

16 7

11.8

—

—

270

210

Ctndico Group

210

—

176

B.4

- —

—

86

52

Pabernh Services ......

52

—

60

11 5

34

9.3

8

It

Frank Horsall

B7»,

—

—

—

(.3

7.8

86

7S>- Prank Horsell Pr Ord 87

86

8.7

10.1

9.6

10.2

BJ

61

Frederick Parker

63vd

__

7 1

11.3

3.8

6.3

55

34

George Bloir

34

—

—

5.B

12 3

100

74

Ind. Precision Castings

78xd

- 3

7.3

9.4

10 0

iaa

158

100

Is >9 Conv Prol

157

ro—

15 7

100

143

94

Jackson Group

143

mm

7.5

5.2

4 4

9 1

198

Mi

J iimcs Burrougn

198

V*-

9.6

43

14.5

16. 1

260

150

Robert Jenkins

ISO

_

200

13 3

1 6

23 8

83

54

Srrunons "A 1

71

- 1

5.7

fi.O

9.2

1J 1

167

112

Torday & Carlisle

113

—

11.4

10 1

5 1

8.7

29

21

Umiock Holdings . .

26

p— '

0.46

1 B

__

85

66

waller Alexander . ....

66

—

64

9.7

4.7

68

265

214

VV. S routes

265

+ I

17.1

b.b

4.1

B 5

Prices now available an Proaiol page 48146.

• \

‘\

, I

\ *
\

1

-M S.\

UK COMPANY NEWS

BIDS AND DEALS

Financial Times Friday March ^TSSS

MINING NEWS

Commercial Union expects
dividend level to be held

SHAREHOLDERS in Commer-
cial Union Assurance Company
are reassured by the out-going
chairman. Sir Francis S.indi-
lands, that it is the present
intention of the directors to
maintain the existing level of
dividends during the current
adverse period of trading, sub-
ject to unforeseen and excep-
tional losses.

In his statement accompanying
the 1982 report and accounts, he
also states that the intention Is
to revert to the policy of steady
annual increases as soon as they
can be confident that market
conditions had changed for the
better.

As already reported, CU main-

tained its dividend last year
despite underwriting losses of
£271. 5m and pre-tax profits cut
from £89 .5m to £21.5m.

Sir Francis refers to the many
steps taken in 1982 to improve
future underwriting results and
he believes that unproved earn-
ings will follow starting this
year. But he feels that the full
effect will not emerge before
1984.

— The review of the various
operating territories is some-
what pessimistic over prospects
for recovery in the U.S. As
already reported, underwriting
losses there in 2982 reached
£19Sm with a pre-tax loss of

£89-4m. Although there are few
signs of an upturn in the general
underwriting cycle, CU expects
to see continued beneficial action
from the measures already taken.

The report discusses the plans
for reducing expense levels in
the UK aiming at a 15 per cent
reduction in staff numbers. The
group is looking for a 3 per-
centage point benefit in the
expense ratio by the end of next
year.

The value of the group's non-
life business stood at £L05bn at
th eend of 1982, compered with
£824m at the end of 1881. Life
.funds of the group rose from
£2.62ba to £3.19bn.

See Lex

L and G managed funds rise

TOTAL MANAGED funds of
Legal and General Assurance
(Pensions Management), a mem-
ber of the Legal and General
Group, rose from £2.01 bn to
£2.3bn during 1982. In addition,
the company managed around
£400m of segregated funds.

Total new investment made
during the year amounted to
£182m, of which nearly half — 47
per cent— was invested abroad In
overseas equities and property.
One-fifth was invested In UK
properties, 17 per cent in UK
equities and 16 per cent in fixed
Interest securities.

These figures represent both
the decisions made by the com-
pany where it was given full in-
vestment discretion .by clients,
and by those clients investing
directly dn the various foods.

Mr Keith Hall, manager of the
company, in his annual report,
stated that where clients had

given full discretion, the inten-
tion was to have around one-
eighth of the total assets in-
vested abroad. This proportion
could rise to 15 per cent.

Mr Hall did not regard this
element of mismatching of assets
and liabilities to be excessive
and rejected allegations that in-
vestment abroad was starving
British industry of funds.

The under-investment in
British Industry was not due to
lade of finance and he pointed
out that the impact of British
investment in the huge stock
markets of the U.S. and Japan
was margi nal - He warned that
when North Sea oil ran dry, the
income from overseas invest-
ments would help balance the
books.

Despite last year's dull pro-
perty conditions, the Property
fund moved ahead from £881m
to £96 lm, reflecting continued
confidence by pension fund man-

Midway boost for Pressac

New products and higher
volumes at Pressac Holdings
helped boost pre-tax profits from
£161.926 to £212,272 for the six
months to the end of January
1983. In the second six months
last year there were pre-tax
losses of £16,356.

Turnover of this electro-
mechanical component maker
moved up from £4. 93m to

Mr fi. V. Clark, chairman,
says there was a marked advance
in the last two months and this
higher level of activity is being
maintained.

The net interim dividend has
been held at 0.35 p— earnings per
lOp share were given as ahead
at lJ5p (0.74p).

In the last full year pre-tax
profits amounted to £145,970
(£107,294) from which a total
dividend of Up net was paid.

First half tax amounted to
£64.000 (£97,000). After minority
profits of £19,122 (losses

£14,956) and preference
dividends of £21,000 (same)
attributable profits emerged
higher at £108.060 against
£58,382.

Friedland Doggart

Manufacturer of domestic and
industrial sound signalling equip-
ment Friedland Doggart Group
increased taxable earnings from
£L47m to £L89m in 1982.

The final dividend is being ;
raised from 3.15p to 3filp
making a total of 5.6p (5.1p).
Earnings per 25p share are given
as 17.02p (13.48p).

Rights result

Only 6549.340 shares (49.4 per
cent) of the recent Tigris issue |
made by Mettoy Co have been ,
taken up. The balance will be |
subscribed for bv the under-]
writers.

BANK RETURN

Increase f+) or

Wednesday

Decrease (— )

March SB 1983

for week

BANKING DEPARTMENT

Liabilities

Capital......

Public Deposits -

Bankers Deposits

Reserve and other Accounts-

Assets

Government Securities- — I

Advances A other Accounts-

Premises Equipment & other Soca-i

Notes-

Coin- — - 1

£

14,598,000

351,854,748

646,633.088

8,183.876,573

3.196,617,403

381,984,678

1,488,677,185

1,364,987.138

19,907,478

180,984

3,285,61 7*403

I — 1,661 ,090,800
i + IB, 851,186
| + 1,840,853

i —1,640,909,460

— 48,066,000

+ 89,988,388

— 1,538,031,438
+ 3,152,500

- 17,986
— 1,540,989,460

ISSUE DEPARTMENT

Notes Issued - - .

In Circulation — 1

In Banking Department — '

Assets

Government Debt.-

Other Government Securities

Other Securities

11 , 000 , 000,000

11.080,098,682

19,907,478

11.015,100

8,942,565,963

8,146,488,937

11 , 100 , 000,000

76.000. 000
71,867,500

3,138,600

701.619.361

776.619.361

75.000. 000

agers is this sector of the
market. The fund had 562
clients at die end of 1982.

Mr Hail pointed out that
although prospects for rental
growth would continue to be
affected by the recession, the
company’s experience on rent
reviews to dale had been good.
The company still believed that
top quality property would play
a vital role in pension fund in-
vestment

At the end of 1962, the Ordi-
nary share fund was valued at
£259m with 142 clients, the
International fund at £96m
with 151 clients, the Fixed-
interest fund at £240m with 163
clients and the mixed fund of
UK and overseas equities and
fixed-interest £708m with 278
clients.

The company is to launch a
separate index-linked gilt fund
for clients wishing to hold a
specific amount in these stocks.

Blue Bird
Confectionery
falls midway

First half taxable profits to
January 1 1983 of Blue Bird
Confectionery Holdings slumped
from £200,899 to £106,142 on turn-
over slightly lower at £4.72m,
compared with 14.81m.

The interim dividend is being
maintained at 1.45p, while earn-
ings per 25p share are given as
0.19p (3J28p). East year a total
distribution of 4.57p w as p aid
from pre-tax profits of £377,722
(£112,151).

The directors say they have
spent a great deal of time and
money modernising, improving
and widening the group’s present
range as well as Increasing its
television advertising. • - - •

The expansion programme is
being implemented according to
plan and during this month the
group introduced a number of
i new lines.

The directors’ intention to
] maintain the final dividend will
i entirely depend on the result of
the general economic climate
they say. In the present uncertain
conditions and in the light of the
continuing depressed economic
climate, particularly in the West
1 Midlands, it would be wrong to
predict the results for the future,
ti-ey add.

Accommodation has been
reached between the group and
two former directors who had
made claims after ceasing to be
members of the board. The
matter was settled out of court,
and resulted in an exceptional
charge of £52,000 (less tax) for
the half year.

Tax in respect of the half year
amounted to £44,453 (£79,791)
though the directors point out
i that none will be payable because
of earlier payments of ACT.

Bats (Singapore)

For the year ended December
31 1982. net taxed profit

of British-Amerlcan Tobacco
(Singapore) advanced by 57 per -
cent from 87Jhn to S12.4m.

The dividend is being raised
from 17 cents to £>.5 cents, with
a final of 17.5 cents. Also pro-
posed is a one-for-one scrip issue.

Electra Risk Capital P.L.C. is seeking subscriptions for the
undermentioned shares which are intended to qualify investors for
income tax, relief under the Business Start Up Scheme in respect of
tbe current tax year ending 5 April 1983 (1982/83}

AMIL II limited to be renamed

"AMERICAN MONITOR
INTERNATIONAL LIMITED”

Offer for subscription of 1,923,077 Ordinary Shares of lOp
each at £1.04 per share payable in full on application
Full details of the above offer are contained in the prospectus
which is obtainable from any stockbroker or from
Electra Risk Capital P.L.C.

Electra House, Temple Place,

Victoria Embankment,

London WC2R 3HP
Telephone: 01-836 7766

The application list will close when the offer is fully subscribed
or on 5th April 1983, whichever is the earlier.

Saga still
unhappy
with Laker
acquisition

AS FORECAST, taxable profits
of tour and hotel operator Saga
Holidays slumped from £1.45 m
to £415,000 Id tbe first half to
the end of December 1982.

This downturn reflects the
disruption to the group's
business generally, caused by its
Laker Holidays acquisition, Mr
Sidney De Haan, chairman, says.

Overheads were increased and
Laker holidays did not provide
the sales or margins fdr which
the directors bad hoped.
Additionally, investment in-
come was substantially reduced
by the losses of the previous
year of £136,000 and the amount
oust an ding and due from the
TOSG Trust Fund.

However, the group’s
operation In North America
broke into profitability sooner
than anticipated despite the
recession. Mr De Haan says, and
it contributed to profits.

Current trading In the group’s
traditional “ over sixties **
holiday business is encouraging
and reductions in direct costs
and overheads have been made.

The group is experiencing
good growth in its North Ameri-
can operation but Laker Holi-
days continues to suffer from
lad; of demand for summer 1983
holidays. Capacity has been
reduced accordingly and further
reductions have been made in
administrative costs.

The fundamental strength of
the "over sixties" and its
development in the US. together
with an improvement in invest-
ment Income should enable the
group to return to a satisfactory
level of profitability tor toe
current 16 month period, Mr De
Haan says. (As already
announced the year end is being
changed to October 31.)

The interim diridend is being
maintained at l-2p net per 20p
share. Last year a total of 3.73p
was paid. Earnings per share
for the six months are given as
l.llp (7.52p).

Tax took £215.000 (nil), leav-
ing attributable profits of
£200,000 <£1.45m). After the
interim dividend absorbing
£216,000 (same) tbe retained
losses are £16,000 (£l-23m

profits).

• comment

Now even Saga Holidays admits
iL the Laker acquisition was a
pig in tbe poke. It lost about £2m
last year, and it is a fair bet that
It cost Saga another £lm in this
six month period. The real Mr
Laker's return to the holiday
business under his own name
was the final straw as far as
Saga was concerned, and the
operation is now being effec-
tively wound up. and with it
Saga’s venture into "open age"
holidays. Perhaps Saga should
try to sell the Laker Air Travel
name to Tiny Rowland. The most
cheering news yesterday was
that the new North American
business Is exceeding expecta-
tions and will mo6t likely be in
the black for the 16 months to
October. Not so surprising
really: the mighty dollar means
favourable conversion to sterling
for both the company and the
U.S. senior citizens who come
here with Saga. Investment in-
come is as strong as ever, but
it will remain just that since
Saga says It will never deplete
that income from advance
deposits to fund acquisitions.
Shareholders are probably wish-
ing that the company had been
as prudent last February. This
time toe De Haan family is not
waiving its entitlement to an
uncovered dividend, which, with
toe shares up 7p to 97p, yields
5.6 per cent That is a rating
which may best be described as
forgiving.

Imperial Group
chief quizzed
over dividend

Imperial Group chairman, Ur
Geoffrey Kent, faced questions
from shareholders at yesterday’s
annual meeting over toe group's
decision not to raise tbe dividend
’ despite a 46 per cent increase in
pre-tax profits over the previous
I year to £154.3m.

Mr Kent, defending the deci-
sion to maintain the final pay-
j xnent at 4.5p, to leave a total of
! 7-25p net, said: " Growth involves
I a further investment from a
judicious blend of profit reten-
tion and borrowings. Holding the
dividend level this year gives
rise to a, better relationship
between after-tax profit and toe
dividend level."

He added that he expected toe
| first six months of the current
year to produce a trading surplus
in the tobacco division of about
too same order as last year —
£43. 6m. Other parts of toe group
should show some imnmvement
i over toe first half of 1982.

ALTHOUGH Doncaster stages
the second programme of its
Lincoln meeting, more absorb-
ing sport sport with Liverpool
in mind can be found at New-
bury today, where Roller-
Coaster carries top weight In a
Woodhay Handicap Chase which
also sees the reappearance of
Grand National outsiders
Priest's Rock and Williamson.

Roller-Coaster ran a reason-
ably encouraging race after a
lengthy absence before finishing
third behind Fauloon and Mister
Bosun at Win can ton on Decem-
ber 27. However, his outings
have been few and far between
of late and in view of the fact
that he has not been seen in
public since then, I intend pass-
ing him over

Williamson looks a more
interesting prospect. But for a
mistake at the fifth fence behind
Manton Castle at Kempton last
month Hita Eaton's Intended

8% of Crouch Group
equity changes hands

BT CHARLES BATCHELOR

THE SHARES of Crouch Group,
the property development and
construction company, rose lOp
to a 12-xnonto high of 130p
yesterday following the sale of
a block of shares representing
more than 8 per cent of the
equity.

Mr Peter Meyer, a director of
Federated Land, bought 325,000
shares from a single holder —
understood to be Crouch's former
chairman Mr Ronald Clempson,
who was ousted by other mem-
bers of the board in January.

This purchase takes the hold-
ings of Mr Meyer and a related
trust to 740,000 shares or 18.5 per
cent, and means 46 per cent of
toe Crouch equity is held by four
shareholders.

About 12.5 per cent is held by
the Crouch family. 9 per cent is
owned by Garran Rawlings, a
small property company, and a
further 7.1 per cent belongs to
Pro wring Holdings, a private
house-builder.

Crouch said yesterday that it
had not been notified that Mr

St Piran, the wholly-owned sub-
sidiary of Mr Jim Raper'.s
master company, Casco Holdings
in Hong Konj. yesterday success-
fully obtained an injunction in
toe High Court preventing West-
minster Property Group from
issuing any new shares.

The court ruled that an injunc-
tion should be imposed until a
trial “ to restrain Westminster
Property Group whether by its
officers, servants, agents or
otherwise whosoever from issu-
ing or allotting or contracting to
issue or allot any shares in West-
minster Property Group."

Mr Raper, through mini nc and
housebuilding group St Pirai*.
has over the past month built up

Falling pound puts end
to Willaire’s U.S. deal

BY DAVID DODWH-L

WUlaire Systems, toe air con-
ditioning. refrigeration and clean
air equipment maker, has
announced that its plans to pur-
chase a U.S. company have
fallen through— in large part
because of the recent precipitous
fall in the value of the pound.

Mr Charles Bentley, Willaire's
managing director, said yester-
day that the sterling cost of
acquiring Hubbell Corporation,
a privately owned company based
in Illinois making equipment for
the refrigeration industry, had
risen by about 13 per cent over
the negotiation period.

Th e price tag rose from about
£570.000 to almost £650,000
before talks were called to a
halt With toe pound at its
current level, the price would
have been more than £680,000.

WUlaire, which is quoted on
toe unlisted securities market,
first revealed that it was at an

advanced stage of negotiations
with Hubbell in November last
year.

Tbe company came up for sale
in unusual circumstances. The
president and owner, widow of
the rounder of the company, had
died in 1981. leaving her estate
to the Christian Scientist Church.
It is toe church, therefore, that
is selling Hubbell.

It is understood that a U.S.
businessman completed purchase
of toe company about 10 days
ago.

The costs of mounting the bid
for Hubbell are likely to weigh
on already depressed trading
figures for Willaire’s current
trading year. The company
announced half-year losses to
toe end of September of £70,000.
compared with a £6,000 profit
in the comparable period in 1981,
on a turnover of £1.02m, com-
pared with £245,000 in 1981.

Evans & Owen expansion
in Warehouse boutiques

FORMER DEPARTMENT store
operator, Evans & Owen, is put-
ting together a £360,000 package
to fund its expansion of fashion
boutiques trading under toe
Warehouse name. The company
is also cementing relationships
with fashion designer Mr Jeff
Banks by buying his design com-
pany, Kobat, for 122,500 shares.
Mr Banks will be joining toe
board and has a five year service
contract with Kohat.

Evans & OWen Is making a
one-for-seven rights issue of
86,072 ordinary shares at 140p
each. The directors will be
Taking up their issue in full
though most of the proceeds will -
be returned to them in repay-
ment of loan made to the com-
pany of nearly £90.000. Brothers
Maurice and Michael Bennett
own more than half the com-
pany.

Industrial and Commercial
Finance Corporation will be
injecting £240,000. Half of that
will be a 13 per cent 10 year
secured loan with the balance
coming from an issue of 80,000
cumulative convertible redeem-
able preference 2Sp shares
priced at 150p each.

The directors are forecasting
profits for the current year end-
ing this month of £175.000 against
£86,000 In the previous 12
months. They expect to recom-
mend a dividend of 3.125p a
share on the enlarged capitaL
Last year there was a payment
of 2.5p.

The company's name will be

National runner might well have
drawn attention to his Aintree
prospects. A six-length con-
queror of Flamenco Dancer in
the Weyhili Chase here earlier
in the season Williamson is

changed to The Warehouse
Group.

CHARTER/ ANDERSON

Charter Consolidated is to
announce before toe stock
market opens today the level of
acceptances for its £95m cash
offer for Anderson Strathclyde,
the Glasgow coal catting equip-
ment manufacturer.

The bid reached its first
dosing date yesterday and it is
understood that the response to
the 200p per share terms have
been low while major share-
holders prepare to wait through
an extension. Anderson’s shares
reached the bid price with a 4p
rise yesterday, for toe first time ,
in several days, but toe belief
that Charter is about to hoist its 1
terms immediately are under- i
stood to be premature and would 1
anyway depend very heavily on 1
the interim forecast for April-
September which Anderson may
be expected to prepare once the
offer has gone into its second
phase.

RACING

BY DOMINIC WIGAN
For reasons of space the daily
raeing column is being dis-
continued. Dominie Wigan
will continue to contribute to
the Saturday sport section.
Tomorrow he writes on the
prospects for the flat racing
season.

lucky to be in today's seven-
runner line-up off bottom
weight of 10 st.

A win or bold showing by
Williamson will see his current
National odds of 100-1 with
Corals being sharply reduced.

NO PROBES

The following mergers are not
being referred to the Monopolies
and Mergers Commission: Marley
and Enterprises of Hyde Pro-
ducts; British Industrial Sand
and assets of Clugston Holdings:
Computervision Corporation and
Cambridge Interactive Systems.

Cheka will be attempting to
land the Doncaster Town Plate
for a second year in succession.
An impressive winner in the
event last spring before going
on to land Kempton's Queen’s
Prize at the expense of one-time
Ascot Gold Cup hope Halsbury,
Cheka will go, well without,
perhaps, proving good enough
to give Mayotte 7 lbs.

Tin boy should have the edge
in fitness over most of his rivals
in the closing Will Scott
Handicap, and the former
Hastings-Bass sprinter looks a
sound bet to give that trainer's I
brother in law, Ian Balding a I
worthwhile winner. 1

DONCASTER

2 .35 Sagamore

3-40 — Mayotte*

5.10— Tin Boy***

NEWBURY

1.45 — Sheba’s Boy**

2.45— W ill iamson

3.45— Arabian Music

MIM eyes
Asian mar]

Clempson had sold his shares but
the share package corresponded
exactly to his holding. The com-
pany agreed it was concerned at
the build-np of such a large
single stake.

Mr Clempson is currently
holidaying abroad but a repre-
sentative said yesterday she had
received instructions to make no
comment. Mr Meyer was not
contactable yesterday. Federated
Land is a Dorking, Surrey-based
property development and in-
vestment company.

The British Steel Corporation
Pension Fund Trustee increased
its holding in Federated to just
over 50 per cent last year.

Mr Clempson fought to retain
his position at Km.oston-upon-
Thames-based Crouch earlier
this year with an appeal to
shareholders but was over-
whelmingly defeated on a vote
at an extraordinary meeting on
’ Januarv 14.

Crouch has a market valua-
tion of £5^m at yesterday's
share price.

St Piran wins injunction
against Westminster Prop.

a 29.99 per cent stake in West-
minster. At a stormy annual
meeting a week ago. he unsuc-
cessfully sought to place himself
and St Piran nominees on toe
board.

Following this meeting Mr
Raper is understood to have
been concerned that toe present
board of Westminster might
seek to dilute his stake by
issuing 2.5m shares.

The board was entitled to do
this because Only 27.5m of the
company's 30m authorised shares
are at present in issue.

The company Is now restrained
from issuing new shares until
the matter is resolved in court

BY KENNETH MARSTON. MINING EDITOR ..

Austria’s MIX Holdings is Peep to* ft into tbc &0Q0 and
looking to new markets in Asia 3.500 feta oreoow**. - -
for its rising production of lead. TTie 1 •• recesstCHi _bont

Part of the crude lead output heavily oo MUT ha toe to
from the big Mount Isa mine lust June when, for the first Bnw .
complex in Queensland is .to bo in 45 yeart, t» eomptny ran
refined in Japan and then into the red tolh t loa». of
marketed in Asia, Toll refining AS10.37m which wemdd
will be limited to crude lead even higher wore it not for -a •
over and above the needs of large tax credit ...

MlM’s UK subsidiary. Britannia The company managed to ding
Refined Metals. to the dividend list with a

Mr Brure Watson, the MIM reduced payment of a 3. cents
managing director, says the con- final on the capital Increaatd by
tracts have been arranged lor a ene-fnpclgt* rights issue*. This
the toll refining in Japan of the followed on Interim, of 2 cents
lead which will then be shipped the total compared wMt 15
for marketing in Asian countries cmls for toe previous year,
via the Singapore-based - swb- 4^ the picture has

taW *' brightened. MIM warad to

m SSUE m '' toe primary A31W2*

refinery at Britannia Metals is gWgj* atSSS&AiS^
being refurbished at a cost of 2

AS2Sm l£JS-Sm>. But Mr Watson 2L*?1wSSSSiir£!! for ir

for rcfini ng capacity And new mator ftcag in the bottet

markets for the increasing out- hfu emnnaov 1

put from the lead expansion Si

programme at Mount Isa. vt . BB . ate0 aW* r to sell all Ha output

In the company's year to lost ** hare - mere*. ■

June the major aspects were Since then the metal Prices
completed of the 20 per cent have imvroved and MIM* wonts
increase in production capacity should recover . further in u»
of toe lead-zinc-silver faculties at cureeot half year WJ*ree»

Mount Isa which can raise they will toll far short of the
annual output to 180,000 tonnes record AS2D*m earned to the
of contained lead with con- year to June ti*® 1 -
sequern Increases in stiver and Providing - too economic
zinc. recovery continues ' MW, with

Earlier this month MIM Its tocreasetf TPrtdwstloodapa-
announced that it was to spend city, should do well in M83-S4.
AS54m on raising capacity at especially as the big new coal
the Mica Creek power., station, operations get into their Azide.
This would cover not only the By 1985 the group will have
increasing domestic and the capacity to produce Pm
industrial power demand hut Also tonnes a year of cfeantim? and

mupnuMt iMiwwuw wiu«V 4 • /ma • wre m w i w

provide spare capacity for future coking coal, most of which is
mining projects including already covered by sties con*
extending the Mount Isa mine's tracts.

Zaire diamond sale to
De Beers goes ahead

ZAIRE has formally begun toe able quality,
new marketing arrangement for The Mitm mine at Bakwanga,
the bulk of its diamond prod tic- which Is the subject of the new
tion with De Beers* Central Sell* two-year exclusive marketing
ing Organisation (CSO). arrangement- between Zaire's

Yesterday’s sale to Kinshasa, state-controlled mineral market-
capital of Zaire, marks toe Jgt agenoy Soaacop and the
resumption of a long-standing. If normally' produces a few

£^etirn« SncomfStaW^Sla- -mm of good quality each
tionship between toe blade ^Jto- . .

African country, one of the big- ,

eest producers of diamonds m' industrial- Diamond- Company,
toe woridL «d toe big South ^ B ^^ e tl S? depen ? 0 f

African eioun which controls dealers ousted by the new deal
the marketing of more than four-

fifths of world production. ****** a * w * ot y * 8tM,d * y *

This relationship lasted for 14 u C jumHitAwt t ..1 .-11 u A v A _ l,
years until May 1981, after wfci<& RiXS^SSKln

there was a two-year hiatus- .dur- » Wralmw wfthln a fortnl^it.

/return of toe

t ”° 01 ^ latest sale Is the comparatively
pendent dea lers. ■ - small number of carats involved.

cov€ fS? Ju * “*£5 Under toe old arrangements.
300,000 carats (there are, 142 each thoiftblv sale represented
carats to toe ounce), and with ‘roughly 0Mtoontl?9 produSion.

IftSs is still the w!»erlttodl-

involved will have here some alarmingly this year, com-
yjf" . ln «“» S 2 - 51 ® pared with the 1982 total of

around 6m carats.

Tbe high average price, given It could be. however, that pro*
that most of tbe output is of the Auction has not fallen at all.
cheaper Industrial quality. Indi- merely that too number of
cates the inclusion in the sale stones which leave the mining
of several gemstones of reason- area Iltidtly has Increased.

BASE LENDING RATES

AHJf, Bank

A1 Baraka International

Allied Irish Bank

Amro Bank

Henry Ansbacher

Arbuthnot Latham

Arm co Trust Ltd. ......

Associates Cap. Coip.,

Banco de Bilbao

Bank Hapoalim BM ...

BCd

Bank of Ireland

Bank Leumi (UK) pic

Bank Of Cyprus

Bank Street Sec. Ltd.

Ban qua Beige Ltd. ...

Banque du Rhone

Barclays Bank

Beneficial Trust Ltd....

B remar Holdings Ltd.

Brit Bank of Mid. East

I Brown Shipley II %

Canada Perm’t Trust 11 %
Castle Court Trust Ltd. 11 %

Cayzer Ltd. 10*%

Cedar Holdings 11 %

! Charterhouse Japhet... 10}%

Choulartons nj%

Citibank Savings fliO %

Clydesdale Bank 104%

C E. Coates 11 %

Comm. Bk. of N. East 104%
Consolidated Credits ... 11 %

Co-operative Bank *101%

The Cyprus Popular Bk 101%

Duncan Lawiie 104%

E. T. Trust 114%

Exeter Trust Ltd 114%

First Nat Fin. Corp. 13 J%
First Nat Secs. Ltd. 13 %

Robert Fraser 114%

Grtodlays Bank $10} %

I Guinness Mahon 104%

IHambros Bank 10}%

Heritable & Gen. Trust 10}%

IHiU Samuel 5104%

C. Hoare & Co 710}%

Hongkong & Shanghai 104%
Kingsnorth Trust Ltd. 12 %
Knows! ey & Co. Ltd. ... 11 %

Lloyds Bank 104 %

mQinhall limited ... 104%
Edward Hanson & Co. 12 %

Midland Bauki. i.„. 104 %

I Morgan Grenfell 104 %

National . Westminster 104 %

Norwich Geo, Tst 104%

P. S, Refson fit Co. ... 1(H%
Royal Trost Co. Canada 104<k
Roxburghe Guarantee 11 %
Slave nburg's Bank ... 10}%
Standard Chartered ...Fi 04 %

Trade Dev. Bank 104 %

Trustee Savings Bank 304%

tcb 104%

United Bank of Kuwait 10*
Volkskas Inti. Ltd. ... 10}%
Wtertpac Banking Corp- 104%
Whiteaway LaJdlaw ... 11 %

Williams fie Glyn'a 104%

Wintrust Secs. Ltd. ... 104%
Yorkshire Bank 10)%

I Mimbwi ol the Accoptlns Houses
Commiura.

7-6jy des ostia 7,S*A: 1 -msnih
7.75%. Shon-tBfnt 18,000/12-
months 10 . 1 %.

of: widar

S^. 000 ^*^ C 10 000 up 10 £50.000
8 V?,. £50.000 and qvar B%.

Call deposits p .000 and mar 7*j%.
21-day deposits over Cl .000 SV&.
Demand deposits 7 »a%,

Mortg age base rate.

AQUIS SECURITIES PLC

PROPERTY INVESTMENT & DEVELOPMENT

Extracts front Mr Harofd Quitman 's Review of
the year ended 31 ct December, 1982 -
.(With comparative figures for the year to
31 st December. 1981 . where appropriate) ■

* Net profit before tax £807.836 (1981: £753.018)

An open market value of £1 6.013,50? has been adopted
into the books of account at the financial year end to
reflect the value of completed investment properties
retained in the portfolio . .

* T?^ , , di r i ^ ends,or xhB vaar wi« be 1 .3 pence per share
final.- 1.0 pence + 0.2 pence Special Bonus} upon
acceptance ol the proposal for the final dividend of O.S
pence per share (7981:0.7 pence per share ptus D. 2 pence
per share Special Bonus}

* 9. r 2«? r 2!? ined profits carried forward £821 ,927
(1951: C 56 9, 6 96}

* Total amount attributable to shareholders 57 pence per '

share (198 1:43 pence) -

The Seventy-sixth Annual General Meeting wifi take place at
noon on Friday. 22nd April, 1$83 at the .

Drury Lane Hotel. JO Drury Lone. High Hottfom .

London WC2B SHE ‘

19

"v

55 V
%

J 'a!ft (

tfheaij

£ £«6

JFinajlci^I : Times Friday March 25 1983

UK COMPANY NEWS

Owners Abroad Bernard Matthews upsurge

• ' A ' THE POLICY of heavy capital ■■■■■■

FISCS TO tZ.jm tSSVJZr BOARD MEETINGS

^ V ~ ^ I* m M M Ramin) tvrlrav nrn. Ths laliowiAA CtHMUitl hl« DMiliAd OilMIHWIV. ChOrlM HllRI. L©X SafVIU.

TAXABLE PROFITS of USX
tour operator and airline seat
broker. Owners Abroad Group,
increased from' £L57m to f?. ft?m
for 1982, on tom over of £41.52m,
against £38.1im. There is a first,
dividend of O.Bp net per 10 p
share for the year.

Comparative figures have: been
prepared 'from . the.' audited
financial statements of Owners
Abroad and Owners Abroad
(Wholesale) and their sub-
sidiaries — these companies were
acquired, by Owners Abroad
Group on December 31 19SL
After tax of £L16m (£737.000)
and - extraordinary debits of
£54,000 (£93,000) * attributable
profits were CLlm, against
£738,000 which the company
points out was not available for
dividend. The -1982 dividend
absorbs £257,000 (nil).

Stated earnings per share
were 2.23p before extraordinary
debits, compared with. l.Glp
calculated using 1 the shares in
issue and ranging for -dividend
The board says that early in-
dications show that -1983 will be
a . difficult year in the industry.

-The acquisition of Falcon
Leisure Group, a broadly-based
holiday company, has now been
completed. Falcon had a net
asset value of some £900,000 as
at October 31 1982. -
The initial purchase price was
£700,000 payable as. to £406,665
in cash and £233.335 in shares at
a price of 23p. There is a further
purchase consideration to be
arrived at as follows: .

In the evqnt-: .of: Falcon
achieving profits of £350,000 for
the year to October .31 1983 a
further sum, of flm, or a pro- .
rata proportion.- thereof. In.
addition, if profits for the year
to October 31 1984 reach

£450,000 a further sum of
£500,000 or a pro-rata proportion
thereof.

Regarding the further pay-

ments -of flm and £500,000, the
vendors have the right to elect,
es part of one or the other of the
payments, a single cash amount
of £250,000. The balance -of any
addi t ional consideration will be
in Owners Abroad shares.

For the flm, the share price
is -agreed at 2 gp, and for tha
£500,000 the' share price will be
at the middle market price
during the month of February
1985, Jess a discount- of 10 per
cent, save that if that -price is
less, than 28p, the price will be
the average price for that
month. -

• comment

Owners Abroad seems very
pleased with itself over the
Falcon Leisure acquisition, which
will effectively add about 80,000
passenger capacity. After an
abortive office move, and the
failure to clinch the StarviUas
deal, Owners must have been
very relieved to finalise the
Falcon buy in time for the pre-
liminary announcement. Reading
between the lines of the state-
ment it looks as though Owners
would have found it a hard job
to get much profits growth this
year out of the girfBtfrig business.
Not that, the company isn’t
trying: last year it managed a
load factor of 98 per cent
Further acquisitions would be in
character, but though Owners
has about £lm enjoying life on
the money markets, paper seems
the .most likely funding method.
The company has still not sold
the notorious yacht, but despon-
dency on that count must be
mixed with the warm feeling
that comes from having bought
it when' the pound .was . worth
about 32 . 20 . The dollar may be
high in the sky but Owners’
paper is not doing too badly
Itself: at 28ip, down ip, the yield
is little more than 2.5 per cent

THE POLICY of heavy capital
investment over the last three
years is now paying off for
Bernard Matthews, turkey pro-
ducer. For the year ended
January 2 1983 profits have
expanded to £5.71m, thereby
more than making up the setback
to £L62m experienced in the '
previous year.

In the second half the group
made a profit of £2f hn. The divi-
dend is lifted from 4.38p to 5J25p
with a final of 3.05p.

. Mr Bernard Matthews says
that over the last three years
£10m has been Invested, with
particular emphasis on meat pro.
cessing facilities. Sales for the
latest year rose by £9-2m to
£ 62.71m.

Sales of turkey meat products
continued to expand. In the
autumn the new crispy crumb
and gammon-style turkey steaks
were introduced and have proved
“ highly successful.”. Although
the ban on poultry imports from
certain countries was lifted in
early November. Mr Matthews
say's the market for whole
turkeys remained firm

It will be some weeks before
full activity is resumed at the
Great Witchingham factory

to £5.7m Interim advance for

Fairview Estates

. Ths fallowing COmpBfliea have notified
dam of board maetingo to tha Stock
Exchange. . Such meatlngs are usually
held lor the purpose ol considering
dividends. Official indication] are not
ovailahUt ae to whether the dividend!
are interims or finals and die sub-
divisions shown bolow arc basod
mainly on last year's timetable.

TODAY

I me t i me! Campari international.
Minarets and Resources. Ptfco. West-,
mmswr and Country Properties.

finale. 1 Al Industrial Products. Alains
Holdings. Automated Security. Bridge-
water Estates. Biltoil. Firmin. Hards

following the recent fire; how-
ever. deliveries have been main-
tained. It is believed that all
loss and damage from the fire is
fully covered by insurance.

On the current year the chair-
man says prospects “look en-
couraging." Although it is too
early to forecast for the whole
period, he expects first half
profits to exceed substantially
the £lJBlm pre-tax made in the
corresponding period last year.

It is planned to further in-
crease the frozen product range
and to also introduce a range of
fresh products. In the face of
large increases in current grain

Queensway. Chart** Hurst. Lee
Mfl call-in - Glen I met, J. N.

(Vtmro). Rely on. '

FUTURE DATES
Interims—

Now Court Trust

Peal Hold in go

Standard Induatrioi

Final* —

Bowihorpe

Bremmar

Empire Stores (Bradford)

Merkhaaih Securities

Savoy Moral

Wans, Blake. Bonmn

and soya costs, the policy to
cover forward raw material
usage h> the futures market is
again proving beneficial.

After tax of £947,000 (£257,000
credit) the year's net profit
comes to £4.76m (fl.SSm). Earn-
ings are shown at 35.B9p (10J4p)
before tax and at 29.77p (11.75p)
after.

• comment

Barnard Matthews has brushed
aside the first-half difficulties
presented by a six-week strike
to end the year with profits well
up on even the most optimistic
market forecasts. The profit

surge came off a low base, but
it was achieved on a relatively
modest turnover advance of only
17 per cent. And the problems
which plagued the company in
1981 appear to have vanished
completely. The virtual doubling
in trading margins to 1(19 per
cent resulted from increased
efficiencies following the £ 10 m
capita] spending programme,
coupled with higher volumes.
Profitability has been aided by
the expanded range of higher-
margin turkey products, which
now came in just about every
shape and form. Trading con-
ditions received a shot in the
arm from the ban on imports
which prevailed for most of the
year and the French seem likely
to keep out of the market as
long as the current weakness in
sterling persists. Losses result-
ing from the fire at Great pitch-
ing ham are believed to he fully ]
covered and the blaze has cer- !
tainly not dampened the com-
pany's enthusiastic first-half
profit forecast With that in
mind Matthews seems well on
the way to a revival. The market
was clearly cheered by the
results, marking the share up

I5p to 16Qp for a yield of 48 j
per cent

FOR THE six months ended
December 31 1983. Fairview
Estates returned pre-tax profits
of £3.11m, an Improvement of
£ 2 S$,Q 0 Q over the figure for the
same period last year, and the
net interim dividend is being
stepped up from 1.32Sp to
1.461p per 5Qp share.

Turnover for the six months
under review expanded from
£ 14.78m to £17.69m — the prin-
cipal activities of the group arc
now development and invest-
ment in property nad develop-
ment and sale of residential
property. No significant sales
of either housing or industrial
land took place during the
period.

First half earnings per share
emerged at 7Jp (7pt. Net asset
value is given as 160p (150p).

• comment

Fairview Estates decided to pull
out of housebuilding last summer
just as the housing market was
beginning to improve. But the
withdrawal is being phased over
several years and in the mean-
time the company is continuing

to build. The exhaustion of its
land-bank would require the con-
struction Of 3.500 houses. 530
units were completed in the six
months to December, 200 more

than in 1981. Fairview focusses
its efforts on London and the
Home Counties, but also nn the
first-time buyer, so that the
benefits it reaps from the budget
concessions on mortgage tax
relief will be limited. Over the
last two years. Fail-view's pro-
perty portfolio has shifted
towards offices and shops, which
now make up 10 and 15 per cent
of the total respectively in terms
of rental. But the bulk of its
real estate is still is industrial
premises and warehouses to out-
lying London suburbs north of
the Thames. The three- and five-
year rent reviews are fairly
evenly spread out over the course
of this year and next, and there

lias been a significant reduction

in interest charges on borrow-
ings which continue to amount (a
about 50 per cent of share-
holders' funds. The share price
yesterday fell 2p to U9p whore
the historic yield is 5.5 per cent.

Garton reduces losses and
forecasts return to profits

A SHARP reduction in losses
before tax is reported by Garton
Engineering for 1982, and Mr
Aubrey Garton, chairman, ex-
pects the group >to return to
profit and resume dividend pay-
ments in 1983.

The pre-tax deficit o£ this
maker and distributor of nnts
and bolts, has been cut by
£306,000 to £28,000. with turnover
rising from £9.7m to £10.65m.

While the results for the year
show a substantial improvement.
Mr Garton says the. second half
suffered a drop in- demand 'of
almost 20! per centr a .trend 'of
'wjiiph he warned In -the feterim
Statement. •. * •; . -'

" . Thfere . are stilTT 'sectors -of
..numutocturing. -units. : .which „ are
‘ihaking losaeac but TMr ' Gar-ton.' is
confident that this should be
virtually eliminated during 1983.
This, together with, the begin-
ning of an upturn in activity
which is apparent on most fronts,
should bring the group bade to
profitability in 1983.

The resumption of dividends
was considered, but it was
decided that the results did not
justify any payment The last
payment was a final of In in
1980. ■

Losses per share were given
as 0.36p (7B5p). . . • •

A redaction in employees
from 600 to 440, together with
Integration of certain manu-
facturing units, accounted for
about £246,000. - of - The extra-
ordinary charge of -£264.000,
(£70,000).

There were lower tax credits
of • ' £15,000, '-.compared ; with-

£45,000, and after extraordinary
debits the attributable losses
emerged lower at £277.000
(£359,000).

• comment

The more confident tone at
Garton Engineering stems in
part from some «>m 11 but posi-
tive signs of an upturn . in j
demand and the effect of weak !
sterling on import competition 1
and overseas sales. While the !
company has been pummelled by
the recession its dramatic cuts In
workforce do not tell the whole
.-.story.’ Better manning arrange-
toents and flexibility have left it
far better geared -to meet a
revival." With latest redundancies
-oniy bccurrBig in the last two
months 'of 1882 the' benefits of
some £Jm saving have yet to
show limragh, and debt equity
gearing has begun to ease since
jumping to 33 per cent by year-
. end. Providing the improved
trading conditions continue and
some price increases can be
pushed through in, a firmer
market, the cutbacks leave the
group well able to achieve a mild
Tecovery this year, possibly to
over £200,000 pre-tax. ' But in the
short term, while the company is
not averse to a logical industry
merger, the purchase in the Iqst
few days of a 54 per cent stake,
that has given a small lift to
1 shares, is so far unidentified.
Yesterday -the shares were
unchanged at 40p valuing the
group at only £L5m with a near
30 per cent family stake the
chief deterrent to predators. •*

1982

Preliminary Results

Turnover-

United Kingdom companies
Overseas companies

Total turnover

OperatingVofit •

Share of profit of associated
company .

Profit before taxation
Taxation

Minority interests _ ("2

Profit attributable to shareholders 1.244
Extraordinary hems B63

Earnings per ordinary share

1982

£'000

1981

£'000

61.558

89,346

- 55,143
75,464

150.904

130,607

3,348

‘ 2,553

1.199

1,006

4,547
- 3.315

3,559

2.652

1.232

(12)

907

10

1.244

663

897

1.239

581

(342)

2-1 4p

For 1982

Turnover Increases by 1 5.5% to £1 50,904,000.
Profit before taxation increases by 27 .8% to
£4347,000. ... • - -•

Earnings before extraordinary. hems increase by
39% arid dividends rerafoin unchangecfet 1 ,74p
per share. .. ■

-Borrowings, at £20.525,000, and gearing; at
43.9%, show a small iocrease. •

are expected to show an improvement.

Commercial Union in 1982

"Firm and determined action has been taken to raise
even further our underwriting standards, to increase rates
of premium and reduce operational costs?

From the Chairman’s
Statement

Hie results of the Company, like those of
our main competitors, were dominated by two
major factors in 1982 -the world economic
recession and the unusual pattern of weather.
The recession reduced the volume of business
available and intensified competition, and so
our underlying non-life premium growth was a
modest 8%, buc this was enough to enable us to
maintain our existing share or the major
markets In which we trade. Additional weather
losses resulted in a reduction in our profit
before taxation of approximately £4Im.

Market conditions in the United States
continued to deteriorate and, in the light; of
our experience, we decided to increase and
strengthen claims provisions. Our expectations
. for 1983 rest with the firm and determined
action which we have taken to raise even
further our underwriting standards, to increase
rates of premium and reduce operational costs.
Our main strategy continues to be to increase
our market share, particularly in personal lines,
in conjunction with our improved technology
for control and processing of the business.

In support of tills policy, we have further
increased the capital employed in-the Unired
States and we believe that, when economic
growth starts again, our strategy will prove to
have been correct.

In the United Kingdom, there are now
welcome signs of some hardeni rig in the attitude
. being taken by insurers towards premium
rates and, with our branch reorganisation
and new technology, we are in a position to
take full advantage of any improvement in
market conditions.

OurNetherlands subsidiary produced a
most satisfactory overall result, and the result
in Canada showed a material improvement.

Investment income and life profits both-
showed substantial increases and shareholders’
funds continued to strengthen. These factors
give a firm base to a prospective improvement
in our results, and the directors propose to
shareholders a continuance of the present level
of total dividend, even though this is not
folly covered by the profit attributable to
shareholders-

The directors recommend the paymenrbf
a final dividend of 6.950p (1&81 6.950p) per
ordinary share which, with the interim
dividend paid in November 1982, gives a total
of 1 1.800p (1981 ll.SOOp).

Many steps were taken during 1982 to
improve future underwriting results, and I
believe that improved earnings will follow from
diem starring in 1983, though die full effect
will probably nor emerge before 1984. Subject
to unforeseen and exceptional losses, it is die
present intention of the Board to maintain the
existing level of dividend during the current
adverse period of trading and to revert to our
policy of steady annual increases as soon as we
can be confident that market conditions have
changed fbrthe better.

PROFIT AND LOSS ACCOUNT

Total premium income

1982

£nx

2,178.1

1981

£m

1S44.9

Investment income less loan interest

243-5

191.7

Life profits f

40.7

2x1

Underwriting result

( 2713)

(131.9)

Associated companies’ earnings

j 8-8

4.6

Profit before taxation

* • 2L5

89.5

Taxation and minorities

(7-7)

(21-5)

Profit after taxation and minorities

13.8

68.0

Balance of life profits 1979/81

28-2

—

42D

68.0

Reorganisation costs (after taxation)

(12.9)

—

Profit attributable to shareholders

29.1

68.0

Total dividend

48.7

48.5

Dividend per ordinary share

lL800p

11.80Qp

A Tribute to our retiring Chairman

The directors, management and staff throughout the

world would like to record how much they will miss their
Chairman, Sir Francis Sandi Linds, when he retires at the
Annual General Meeting He has served the Company
with distinction for a period of over 47 years. During this
time, no one man has been more closely identified with
and dedicated to the affairs of the Company than
Sir Francis His knowledge and experience in the field of
both international finance and insurance have been of
invaluable assistance to the Company and, now that the
rime has come for him to retire, every good wish is
extended to him and Cady Sandiiands for the future.

Total premium income

(£ra)

Shareholders’ funds and
investments (£m)

[Mill 1 ***

!M60 *

I - r

197ft. 107*) IOS0 19-51 19S:

l*)7{j 1979 1980 1981 WK

TJiis adiwnwnitmr dues not comrini rebuff accoxn u for the year. The fuS a>:«:cnrn cs. which tare been
ike subject of an unqualified restart hy the Auditors, were basted to shareholders on 24th March 19S3
and wifi hr delivered to the Registrar of Companies foUouing the Annual General Meeting.

Commercial Union

Assurance Company pic

Head Office: St Helen’s, 1 Undershaft, London EC3P 3DQ

From the Chief Executive’s
Review of Operations '

Intense competition continued to prevail
in the major non-life insurance markets.
Premium growth has been restricted and
profitability reduced or even eliminated. Real
interest levels remained high, and there were
only limited signs of a general hardening in
premium rates. \Ve are, however, determined to
continue to take the action required to ensure
that premium rates are restored to an adequate
level

World-wide non-life premium income in
sterling terms increased by 19 & (1981 29‘pj.
However, after allowing for the effect of
changes in rates of exchange, the underlying
growth was 8‘> (1981 Kftj), which resulted in
a slightly higher share of the market in the
United Stares and a maintained position in the
United Kingdom.

Investment income, net of loan interest, in
sterling terms increased to £243. 5m (1981
£l 91. 7m), an increase of 27% (1981 3-f'l).
However, when exchange race movements have
been eliminated, the underlying growth was
16% (1981 20%).

Life profits before taxation amounted to
£40.7m (1981 £2 5.1m) and showed an
underlying increase of 56% over 1981, after
allowing for movements in rates of exchange.

The non-life underwriting result deteri-
orated, with a loss of £27 1.5m compared to a
loss of £L3l.9m in 1981. With the exception of
Canada, where a significant improvement was
achieved, underwriting experience worsened
in the major territories, particularly the United
States ana the Unired Kingdom. In these
territories, we have taken steps to implement
rate increases, even though mi's has resulted in
a loss qf some business, and to adopt more
stringent underwriting standards. In addition,
we have introduced significant expense
reduction programmes in all major territories,
to improve our profitability.

The world has seemingly become a smaller
place with the advance of technology, and
in insurance the marriage of computer and
telecommunications technology has changed
the timescale within which detailed information
is made available for our business needs. This
development is changing and will continue to
change the way people work and how
companies are organised to conduct their
business. The Company has always sought to
be in the forefront of developments ; ■

in new technology as an aid to
improving its service to insureds, - ; '

agents and brokers and as a . fli SXe

means of producing significant "
reductions in operational costs. ' • ' ■

To: The Compa ny Secretary,

Commercial Union ~ ' '

As sura nee Company pic,

St. Helen's, 1 Undershaft, London EC 3P 3DQ.

Please saidmeaeopy vf the 1982 Annuo/ Report and
Accounts. 1

N.-ihw

V i / *\

20

Financial Times Friday March 25 1983

THE PROP ER TY MARKET BY Michael cassell

MEPC is chosen
by Leamington Spa

William Cochrane reports from Monte Carlo on retail property trends

Time to smarten up the shop

MEPC has beaten Heron and
Bryant Properties in the bid to
carry out the central area
redevelopment scheme in Leam-
ington Spa, Warwickshire.

The project represents one of
the few remaining, substantial
town centre redevelopment
opportunities in the UK and
Leamington’s original invitation
to developers to put forward
plans drew a response from a
dozen groups.

Short list

The shortlist was whittled
down to three last autumn and
MEPC were told yesterday that
they had seen off the
competition. The scheme should
be completed in 1986 and will
cost around £15m to develop.

MEPC has one or two things
to sort out first, however, not
least the fact that 40 per cent
of the site Is still in the hands
of other owners. The single
largest owner, with the excep-
tion of MEPC, happens to be
Arrowcroft, the development
group headed by Leonard Eppel
and an early contender for the
project

Talks between the two will
have to take place and the local
council has made it dear that,
as with other minority owners
on the site, it will use com-

pulsory purchase powers if
necessary to enable the scheme
to go ahead.

For MEPC, the good news
follows its recent success in
winning a similarsized scheme
in Sheffield city centre. Here
again, Arrowcroff — which this
week revealed details of its
£40m shopping development In
Oxford — were in contention.

At Leamington, the proposals
entail the provision of 85,000
sq ft of retail space, 4,500 sq ft
of office space, replacement
banking accommodation and a
5 00- vehicle car park.

Two levels

The site adjoins The Parade
between Warwick Street and
Regent Street and is largely
cleared. Frontage properties
will be retained and a 20 ft fall
in height across the site means
the centre will be on two levels,
but with both entrances on the
ground floor.

Christopher Benson, manag-
ing director at MEPC, is under-
standably weighted: 44 We have
put together a scheme which
we believe is wholly appropri-
ate to such a beautiful town. We
are very happy the council has
thought likewise.” Chapman
Taylor are the architects for
both Leamington and Sheffield.

TOLD in. Paris last year that
downtown shopping centre de-
velopment was on the way oat,
delegates came to the Inter-
national Council of Shopping
Centres conference in Monte
Carlo This week to find that
redevelopment, or at least
refurbishment, was most
definitely " in.”

Star turn this year was
Edward Whitefield, former
stockbroker’s analyst and now
chief executive of Management
Horizons, a London-based busi-
ness which tells retailers which
way their markets are going.

For developers, and shopping
centre managers, Whitefield's
conclusions— based on socio-
graphic, ratber than the demo-
graphic studies beloved of the
property industry — indicated die
need for a radical reassessment
of shopping centres, their aims
and their targets.

An acceleration in the changes
in shopping centre develop-
ment is now accompanied by
major changes in the structure
of consumer groups — age,
aspirations, spending ability —
and what they actually want to
spend their money on, he said.

44 In most countries there Is
a post-war bulge of people mov-
ing through the total population
like a pig in a python,” said
Whitefield. The bulge is now in
the 25-40 age group, a period
of high earning and spending.

but the traditional family of
two parents and children art
home now only, represents 18
per cent of all households and
is decreasing.

The prime shopping person
now might be an older working
woman, with or without a small
family, who knows what she
wants. Whitefield thinks that
many shopping centres deve-
loped in the 1960s and 1970s, at
a time consistent with the youth
revolution, could face user-
bankruptcies, and voids in a
big way in the 1980s.

Decline

He sees independents, small
stores, traditional department
stores, variety stores and mail
order bouses in decline : " Some
retailers will not make it into
the future ... traditional
department stores and variety
stores will die . . . death comes
from standing still or ignoring
customers.”

Implicitly and explicitly, the
theme of change was taken up
again and a g ain , both in and out
of the conference room. Ron
G annul e of Donaldson & Sons
used the 213,000 sq ft fat
George’s centre in Preston as an
example.

First opened in 1964, on two
levels and open to the weather,
the Centre was bought In 1967
by Legal & General which in

the late 1970s decided to up-
grade and enclose it at a cost
of some £5m — about half the
price per sq ft widely quoted
for office refurbishment. The
upgrading was completed a year
ago.

“ This development is the first
major renovation in the UK of
an early central area scheme,”
said Gammie. adding that " it is
anticipated that developers will
at last recognise the advantage
of improving a dated but never-
theless well-located centre.”

Wyndham Thomas, of the
Peterborough Development Cor-
poration (qv), but deep into
regeneration with his chairman-
ship of Inner City Enterprises,
backed him up. “ Open and part-
enclosed centres of the 1960s,
and some of the 1970s are get-
ting distinctly untidy in charac*
ter,” he said.

Waking up

w Middle income shoppers
especially will tend to stay away
unless centres become much
more attractive, safer and com-
fortable; refurbishment is essen-
tial if owners are to hold or
Increase their share of the
market. Otherwise, other deve-
lopers will step in.”

The owners are already
waiting up, according to Crispin
Tweddell of designers Fitch &

Co. ** A year ago,” he said, “ wo
were working' on one shopping
centre ” (this happened to be
the prizewinning entry from '
Oviedo, in Spain). Now. Fitch
is working on a dozen, virtually
all refurbishments, with three
or four jobs under negotiation.

It will not all be plain sailing.
Fitch's dient list in this area
seems largely corporate or in-
stitutional — MEPC, Capital <Se
Counties and Coal Industry
Nominees among them — and.
Roger Harper, of agents
Goddard & Smith who were
deeply involved tai the town
centre shopping development
boom, lists the snags elsewhere.

“ A lot of the landlords are
local • authorities," he noted,

“ with reverse gearing built into
their lease structures.” This
means that as rents rise they
get a bigger share of the cake
from the funders; they might
be unwilling to rewrite ,■ those
leases, he says, and that might
be a pre-requisite for
re-funding.

A valid, practical point But
is it not a fact that local autho-
rities tend to be short of
money? That Institutions are
buyers of prime shop property?
Funds are well conditioned by
now to the finding , purchase,
refurb and up-valuation process
in office property. In retailing
they could find themselves with
another major new outlet.

Peterborough walks
off with top prize

“WE ABE -Creating. a regional
capital - elty, 'with a .regional
city centre." says Wyndham
Thomas, general manager of the
Peterborough Development Cor-
poration, .■“--'Within that - is the
regional shopping-centre."

Peterborough. Britain’^ only
new town to develop an existing
city centre.' won tile, coveted
International Council of 'Shop-
ping Centers 1982 European
Award in Monte Carlo this week
for its new Queensxate covered
regional shopping-, develop-
ment.

Mr Thomas, in Monte ■ Carlo
for the ICSCTs 8th, Euronein
conference and. incidentally,
to pick up the' award — seemed
tacitly to be acknowledging
reservations expressed by some
of the UK contingent.

They questioned the size of
the £l00m. 650.000 sq ft gross
lettable area scheme, noting
that it has added around 50 per
cent to shopping space in Peter-
borough city centre, bringing
it up to about 1.9m sq ft.

They wondered about the rela-
tively far flung nature of the
scheme's 700.000 catchment .
population, maintaining that a
less dispersed catchment of that
size would indicate Zone “A”
rents of up to £60 a sq ft for
unit shopping, rather than the
£40 to £45 which Peterborough
is getting. .

The PQC, meanwhile,, points
.to its excellent road and rad
communications and the 15m
shoppers it has had in., the
scheme since ' it opened just
over a year ago. . It .might also
have quoted the award commit-
tee: “Queensgate . ... enhances
and has not des t r oy e d the exist-
ing primary shopping facilities.”

Queeosgafce, sharing . the
award with the new Salesas
centre at Oviedb in Spain, won
it against competition' from
major new shopping develop-
ments in the UK, France, Spain
and.- Switzerland- The; Swiss
entry, .the Railway Station shop-
ping centre at Dndigen. was
. granted an award in the smaller
scheme category. '

No other big shopping centre
in Britain has ever won an
award, the only previous UK
winner being Federated Land
for -its Hempstead Valley
scheme near Rainham in Kent.

The scheme was developed
and designed by the PDC, the
— ■*-« room behind the city's
expansion; more than 40,000
people have moved there since
1970. Hillier Parker advised,
from . p lanning co nsultan cy
through to letting. Queeosgate
was built by John L&ing with
Norwich Union as the major
funding institution.

By Order of Phillips Petroleum Europe Africa £§£

Glen House

STAG PLACE SW1

Modem Office Floors
6,700 - 36,300 sq. ft. approx

With Car Parking

Lease For Assignmen t

! Knight Frank&Rutley

20 Hanoi cr Square 01-6298171

Baker Lorenz

i wi ki>\H Mr. ■:r&s*u

A TRAFALGAR HOUSE DEVELOPMENT

Thinking of leaving Town?

BOURNEMOUTH
Richmond House

58400 sq ft *£> Let

Bournemouth is recognised as one of are
principal co m mercial towns In the South of
England and is an eooetent centre in which to

establish a headquarters office.

Richmond House Is Ideally situated opposite the
headquarters of the Portman BufldEng Society and
other companies in the location indude Abbey
Life, Gresham, Teachers, and Barclays Bank
International.

Comparative costs in aftemaiive locations

Approximate Rant/Rstea/Senriee Charge per aq.IL

City of London £47

West Bid ' £26

raCHUONDKOUSE-tiOURNEMOimf £050

Healey & Baker

tuMtn-iMa

3V St.BaaraaSliMf.Manavar Squaw,
iMMwum

VWh a rent as law as £6.50 per SQ-ft- the total
occupancy cost at Richmond House®
£9.50 per sq. ft

London quaWy at a price you can aflbnl

Bernard Thorpe

OH UbrnyHouaM Duo Pack Qwwint
Bau>nanMti,DaeMBHl ll»
TUiminiig Bourn— mrtfi (112023 21121

Richard Ellis

Cran.rea .Surveyor*

0/10 Bndon Sprat London W1X SOU
IM«uh Bar 01-401 QS28

r Wishful thinking becomes reality?

Occupy between
1,500 -14,000 sq.ft, in
METROPOLIS HOUSE
Tottenham Court Road London W1
and pay Westminster rates J

Weatherall AAinOKO
Green & Smith V ICJ tilo

L.:r- ' ACr'A !•_'

01-405 6944

■J 3 L’-jrg&ret Stroll Lcndor.'.VIM "LA

01 631 4656

CALNE;

—•—=* J-ewr :

Wiltshire

(Junctions 16 and 17, M4J

Industrial development
opportunities, ran emu from
smell nursery units under
construction, to larger areas
of land, ripe for immediate
development .

Details available from:
County Estates and
Valuation Offioor
wntehli* County Council
County Hail, Trowbridge
Telephone 02214. 3841. Ext 2612

District Planning Officer
North Wlltshlm District Council
Monk ton Perk. Chipponham-
Telephone 0248. 664188, Ext 195

On •r.r.tryaior.s iro;n Guardian Kov.ii i-vh.iiiei' A's^ur

Col more Row

BIRMINGHAM

CITY CENTRE

Banking Hall '.C

with Offices’

with Offices'

10,305 so ft -
To Let ' 'll*

iPir-StiSiSU-i

■ ' • a**

1 J

Fuilv refurbished to the highest standard:
Located in the heart or' the business and
financial sector

_ I Christchurch House.

• Elliott 30 Waterloo Street.
Son & Bovton Blrr ™ ngnam B2 stu:
■■ Tgi 02 1 -236 SSI 1

A new 11 acre business centre in the
heart of the Thames Valley

Units from 5,000 sq. ft Fur sale or for Icl
S uitable for electronics. R&D. pharmaceuticals
and distribution users.

Principals only apply to Bos T5B79 Financial Times
10 Cannon Sircar. London ECSP 4BY

MAIDENHEAD

office building
to let

10 , 800 sq ft

• Fitted carpets • Passenger lift

* Gas fired C.H. • Ample parking

• Luxury executive suite
Existing 70 telephone lines & telex
• Available June/ July 1983
Joint sole agents

Howard

/T son& |

Gooch

01-734 8155

arwickshire

Swift Valley
Industrial Estate
Rugby

for details of freehold
serviced sites up to
20 acres, contact:-

Alan Wright, Town Half, Rugby,
Phone Rugby C0788J 77177 Ext. 394.

Ship House

20, Buckingham Gate, SWT

superbly refurbished
headquarters office building
4,900 sq.fl. TO LET

56/60 Gresham Street London EC2V 7BB

01-606 4197

Smith Walker

SALISBURY
FOR SALE

Important Freehold Industrial
Site 3.7 Acres
Current use as scrap metal
yard

CHARTERED SURVEYORS

ESTATE AGENTS

(0722)

2 616 6

■j\ 7 HCMAS SCUAKC

y

. 3 r JCtto .u-Tf * . - yjw-CT--

V-

'S*

*zti.

m

& C ^Tur,

ii^ci

SKIVES

2*5.

&

iiigiMB

.-O

ilii*

u*

*sLl

.. <*

iS®*

Knandal Tiines Friday March 25 1983

r LONDON ^
35 MILES

Modern
Office Building

49,000 sq.ft.

3 Lifts, Central Heating, Parking 300 Cars

Sole Ar-errtz,

NOT TINGHAM

(West Bridgford)

: MODERN SIN6LE STOREY
WAREHOUSE/LIGHT INDUSTRIAL UNIT

23,000 SQ. FT.

(wsUy dWtsBih)

small industrial estate location

ONLY

£175,000 FREEHOLD

For quick sale

MEALS CHARTERED SURVEYORS
190 MANSFIELD ROAD
NOTTINGHAM NG1 3HX
TEL: (0602) £21011

LUCRATIVE ONE DAY A WEEK BUSINESS

AZALEA PARK HOLIDAY FLATS

BOURNEMOUTH

2 magnificent cliff-top holiday fee properties in beautiful

coastal and sylvan setting, ensuring highest tariff.

As a whole or separately with 15 attracti ve self -con tamed
apartments, each standing in large grounds. Including a luxurious
spacious owner's apartment. Gas central heating. No permanent
staff. Excellent income from high turnover. ' .

Offers aivffeed prior to auction 26th ApriL

GOADSBY & HARDING

37/43 ST PETER’S ROAD, BOURNEMOUTH (0202) 294404

NORTHAMPTON

Sqp o r bPig l ra iqfioa

•Puff, ftwvml UN**,
C*w ueditiM «J nmttgs
Orteas-

OCMSSMCBMiii,

• PuSy Sprinklers*}

90,600? TO LET

□□Grimley & son

□□021-236 8236 gi

St Philip's Place Birmingham B3 2QQ filial

OFFICES TO LET AT
COMPETITIVE TERMS

3,000-20.000 sq.ft. Newly modernised
office floors. Town centre. Office Rent reduced
to .under £7 per sq.ft, p.a. ex. No premium.

Close Tube station. Only £6 sq.ft, p.a.
ex. Modernised 2,375-5,860 sq.ft. Longer
{ease now available.

leadquarters building already
partitioned and part air-conditioned. 15,000
sq.ft, at under £10 sq.ft, p.a. ex. No premium.

MELLERSH

01-499 0866

LONDON NW7
MILL HILL
FREEHOLD

Modern ‘

warehouse/office

building

28.000 SQ FT
Lift,.CH, Garage, Car Park
£650.000 with vacant possession
KENNETH BROWN & CO.
Tel: 01-629 6102

FOR SALE 22A47 SQ. Pt.
Single-storey heated warehouse with
offices and open yard. Good access

m miles from 1^5 fjcx 1). Offers
around £ 120.000 or 1st year d.OQO

>eni with option to purchase. 2nd
year isnaw lamia at increased rental
with option to purchase, or alterna-
tively would consider letting at
nomine) rents for let and 2 nd years.

Write Box 75853. Financial Timas
10 Cannon Strom, ECAP ABY

ABBOTTS

FREE PRO POTTY GUIDE
covering Essex. Suffolk and Norfolk
Contact Abbots E irate Agents ■
Central Mailing Offices at:
Crouch Street. Colchester, Essex
Tel: (0206) 48211
1 Riefaygats. Bury St Edmunds

Suffolk - Tel: (0284) 3486

lorwich. Norfolk

2/6 Princes Street. None IE
Tel: (0803) 613148

SHOEBURYNESS, Essex

modern Lofty

WAftt^OLjSE-lSOOO sq-ft-
: on site : of 1JZ acres
Ground Lease for Sale

INVESTMENTS
FOR: SALE.

EBWARDSYMMONS iho^imh

56/62 Wifton flood. London SW1VTDH

PICCADILLY CIRCUS

Self Contained Office . Building
CK%nn cn ft Recently refurbished
DuUU SIJ ■ Hi Lift-Central heating

7

A Tithm iy Upton&Co

38 CurzoR Street, London WIT 8AL. 01*491 2700

tbeahnonm

r CENTRE
Eptm MhgAM a ffiia^

_ 7DLET

Nero Wbrefcousr and
Factory Units

IS YOUR BUSINESS EXPANDING OR MOVING?

"Two warehouses, built two years ago in West London, inter-
connecting yvlth gas fired heating (optional), smoke detectora
and security; alarms. Height to eaves 22 ft. One of 32.400 sq. ft.
the other of 20.000 sq. ft. Ideal as distribution centres for London.
Heme Counties and' Heathrow - With easy access to all areas of
UK by, nearby motorway networks.

The . premises can ' be let at an all inclusive * rate per square
foot, few exclusive, use with your own. labour or a rate per
pallet/tonne/carpon- could be negotiated as part of a distribution
. package.

W. O. BRADSTREET & SONS LTD. .

01-578 2266 ; presto* Page 332977 Telex: 264757 BRADST G

tOOOsq.ft to 4600 sq.ft.
-TO LET-Short Term Leases

Seif -contained offlca saffes wffhln new air-

WINTER MoaminM:
^OOMRLYY SR^CEBLNK

01-7345043

iSAvnxsl

irastaltad ready lorTmmetfiate occupation.

01-8260431 ^

ROMFORD

freehold to let

- 7,000 Sq. Ft.

^roa^igA.I27y

GLENNY . •
WSM 3617

DAVID
LEWIS* CO
01-409 2377

On the mtauakmt of The Receiver

. COLIN DALE NW9

MODERN HIGH CLASS
- WAREHOUSE

with ^oad Office content

almost 12-000 SR ft Including
covered Leading Bay
FREEHOLD FOR SALE OR MAY LET

TAYLOR ROSE

i fit, London W1X 3FA

27 Albemarle

Tel: 01-492 1807
SMfTTf M6LZACX ,
17/18 OU Bond. St. London
W1X3DA - Tel: 01-433 1613

LINCOLNS INN

LONDON

FREHOLD OFFICE INVESTMENT
Current rent £8.650 p.a.
Valuable vavereien Sept. ’H8*
RAFFETY BUCKLAND *
COMMERCIAL
ft. High (Street. Windaor. Berks.
07535-60311

FREEHOLD

INDUSTRIAL INVESTMENT
FOR SALE

Close lo Gaiwi'cfc A M23/U25
| BAs AVAILABLE
£825,000 subject to contract

Leonard Green & Company
01-248 6047

noijju UNITS ter sale rora £40.000

public company guarantee of
reels. Contact A. a j. Mucklow Croup
P.L.C. ou 021-SSO 1841.

CITY OOKDERS recently cemptottd resi-
dential belMlnfl wttti 20 flats. 2 item
UK offices ready for accoMdwi Of

sale tl.JOO.OOO. Reel lea to Box T.SS7S.
Financial Times. io. Cannon Street.

London . ECAP 4BY.

NEW FftESHOlD SUPERMARKET — P.L.C.

tenant. flfmwine 9%. 10.000 w. ft.
40 parkins % paces. Martin Hart a Co.
01-629 5707.

FOfe INVESTMENT

FSEE80UI

OFFICE IHVESTMEHT

KENSINGTON WJ

Entire building
producing £9300 pax
Price £130X00 (7% return*
Sole Agent*: Seeker ft Gala
Tet 0I-4BS 1661 (Reft SVG)

FOR SALE

PROPERTY IHVESTMEHT
COMPANIES

With tax lonaes or capital gains

liabilities are' required by a sub-
will seknow-

Manuel company who
fudge ad replies. which wNf be
traaied.in strictest confidence.

■ Write Boa 76828, Financial Times
10 Cannon Street. ECAP ABY

FACTORIES ~AND
WAREHOUSES ; ■-

FOR SALE

AT VH*Y SMALL PREMIUM
Laic of 4 Starter ’ Industrial
Warehouse Unit
2.935 SQ. FT,. .

Partly converted to office and
security storage for computer media
product*. Ideally situated in Lon-
don E3 on thB A102 Blackwell Tun-
-nel approach. Low annual rental.
Tel: 01-739 8150

ABINGDON
INDUSTRIAL PARK
From £130 per sq ft
Industrial / warehouse unite with
integral offices. 12.000-24.000-39X00
aq ft. SituatBd close to A34. ML
On-site management. Large fore-
courts. Contact:

■ Joanna Brown at Stan dard Ufa
Properly Salas Office on 0235 32732

CAMVBY ISLAND . — IMKM

Factory with D»ces- 10.000 M. ft on
0.5 Acre site. Frcorhokl for Sale.
£uwanf svnimoos & Partaarv T«f:
01-834 8454.

CRAWLBY IGatwkJc Airport «HWn one
mil*). New Factories Warehouses To
Let— -Last remaining units of 3.157 and
4.067 so. ft Available now.

BuKber * Co. 01-405 3411.

MODERN SINGLE STOREY FACTORY!

W- ft well appointee first floor
on L acre alts with good ac
industrial Estate very close to

i.OOO Freehold.

Lenina considered. Taieohoee: 01 -85a
6722.

OFF WESTERN AVENUE. NW10 — teff-
contained scheme Of factories and ware-
bouses 4. BOO- 20 .900 so. ft To let

Immediately available. Good faculties.
Joeea Una Wootton. 01-403 6040.

WELLINGBOROUGH — Modern factory
premises 21.065 to. ft- on prominent
comer lire. Current rent £17.450 per
annom. Close to A45 dual carriage-
way link with Ml Motorway and town
centre. Lease for Assignment. Wilson
A Partners. Sheen Sheet Wetfina.
borough. Uorthantm. Te»i (09331
225291.

Ground Boor. £8.500 B-aJC.
premium. Mr Sheldrake. 01-739 0754.
WHITECHAPEL. *1—1.500 eg., ft to let.
£2.500 pas. No premia m. Mr
She! drake. 01-739 0764.

OFFICES TO LET

DEAL, KENT — Two- storey Industrial bplld-
~ — Itn concreted . yard

bLjo -458 **■ -**- —

sq. ft Freehold for Mia. Apply

Bairstow Eve* 01-446 fare.

OFFICES

offices Immediately available.
He»ib A Co. OI-SSS 1651.

CUFFIXY, HER TV — -He* office bbltdlng.
7,800 SQ- ft- Freehold Or to let
. Brochure 01-626 1011.

DOVER STREET. VH. COD SQ. ft <>C luxury
era* floor ofhee suite.

Lease available

bp to December 1985. Available imme-
. diatriy ■ Term* negotiable. Edwin Hill

, - ... - Torn neootlab

. A P a rtners. . 01-493 S351.

NW LONDON S.SOO U 4.500 SO. A.

Prestige Ottcvs In prominent- location

petod. pwlttlaned. MW and telephone
-comp«itl»o terms. 01-902 0121
or 01-B22 6234.

'TO LET

CLOSE LLOYDS, EC3

7S0sq ft Gmd. Hr. Offices
IMMEDIATE POSSESSION
LENNARD VTNER ft CO
W Quee nh Hh e. Upper Thames St

London EC4V 3DX
Tel: 01-936 7116

LEEDS

PRESTIGE OFHCBS
TO LET 3,800 sq. ft.

Prime Location
Large reverse premium

auailoWn
* Rani free period
No legal coats

* No legal costs
HOWELL BROOKS ft PARTNERS
TEL: (0532) 438461

21

150 Strandwc 2

A new Office/

Retail development

6,800 sq ft To Let

□ Air conditioned offices cGround floor retail unit

Weatherall
Green & Smith

01-405 6944

IHI

Victor Behrens

Sandhurst & Co

01-636 2491

NORTH DEVON COAST

between Bideford and Bade

CLOVELLY COUNTRY CLUB

AN IMPORTANT HOLIDAY AND
LEISURE PROPERTY WITH
ESTABLISHED TIME SHARE
DEVELOPMENT AND FURTHER
POTENTIAL

In on outstanding rural location 3 miles from the
coast and including:—

Manager’s House. .22 luxury lodges. 4 holiday
cottages. Clubhouse with restaurant and bar.

2 all-weather tennis courts. 9-hole golf course.

2 fishing lakes.

Consent for another 28 lodges, indoor swimming pool,
squash courts and other facilities.

FREEHOLD — ABOUT 68 ACRES

Ref- CSF/02471

HKaigttFnutk&RBCley

20 Haouw Sqoare 01-629 8Q1
TiMra— HHIlkuWffil

CLIVE WHITE
COMMERCIAL
0271-71644

.93 Bootporf Stmt. BamutaMe. Devon

UNIQUE LONDON OFFICE OPPORTUNITY

B.S. MOLTDfATIONAL INTERNATIONAL
HEADQUARTERS RETURNING TO U.S.A.

JULY 1 1983 OCCUPANCY OR
SOONER BY ARRANGEMENT
6,700 Ft 2 ; One to four year lease. An outstanding
office available for instant operation upon occupancy.

Completely furnished and equipped with tasteful
period and

period and modem furniture.

* S Director offices. * Built-In filing.

* 9 Executive offices. * Monarch 120 telephone

* Board Room. system — 10 lines.

* 12 Clerical work stations. * Telex — Cheetah modeL

* Complete modern kitchen. * Ability to expand.

New high rise/Victoria area. Floor to ceiling
windows throughout all offices and common areas.
Views of Westminter. Parliament and St. James's
Park. Indoor car parking. Victoria and St. James's
train and underground stations. Principal only.
Respond to; Box TS874, Financial Times
10 Cannon Street, London, EC4P 4BY

GLASGOW

A prime office location
292 St Vincent Street

Opposite BNOC
on M8, minutes
fromaiiport.

16,000 sqit. Car
Parking. High quality finishes.
Suitable as headquarters block

nvfiEBwjgi

Further information from agents:-

r\ Kenneth Ryden Telephone:

■s. \\ a ™ Partners qaj qqqqosc

m.m. CHARTERED SURVEYORS JOO UUOO^j

AhtotdtBntahA^ertiesDevekyuoent

INTERNATIONAL PROPERTY

We have the solution to your property management puzzle!

In Eastern Canada, Promanac
offers complete services in real
estate management, consultation
and sale. For more information
write for our brochure.

President:

LD.Baudouln.EA.CPM

1331 Groan* Avo.. SI*. 200
Montroa! H3Z 2A5 Canada
Tab 514-833-3668

BIG OPPORTUNITY

FOR SALE IN LANZAROTE,
CANARY ISLANDS.

By the beach, all with sea view,
with pool, sauna, reception. The
last best plot of the Touuatic area
ol Puerto del Carman, next to tho
Hotel Los Farionaa. A credit of
S3. 000.000 to pay In 5 years at 11*L
Into mat.

Contact: COLONY CLUB
INTERN ACtONAL. S.A.

Puerto da) Caiman. Lenzarote, Spain

FDRNIBflCD OFFICES— Mf-contaiiwd suite
of 2 room* Immed. avail. In Grade 1

Bona St. LmCMflautly hirpisbfld- Te*e-
pbon«s. coles, hilly IocIbsIvo rwt No
logs! foes. £7 SO pw monOi i IncL

Kenbatfi Brown & Co.. 01-629 6102.

MAYFAie. BOO. 630. 500 .413. 2*0. 16D
so. fL prntiec office*. 01-629 7347.

MAYFAIR — Stiltos of Jmtury, fimUbed

offices avallab^ im mediately hi wrestige

txillOlDBJ. Ideal «or senior company
dlreeton. Secretarial services to-hpuse.
Albemarle Administration B1-493 SI 66.

SCRYICEO LUXURY O FF I CE S In the haul
of the historic St James s area of

farm Cure and available now.
Miu smith 01-493 0271.

WANTED

WE REQUIRE TO PURCHASE
BLOCKS OF TENANTED FLATS

in any af«i of the country
Immediate decisions assured

Plate contact initially with
butt details'

The Chairman

WELLINGTON iNVESTMBtfTS LTD
Tower Street Centre. Ramsey
late of Man

Your Mountain Residence
in Switzerland

VILLARSpS/OLLON

WITH AN INTEREST RATE OF

41%

SINCE THE FIRST YEAR OF ACTIVITY

For further information, please contact between
25th and 30th March 1983:

MR. A. HIRT— Piccadilly Hotel, London W1,
Phone No.: 734 8000

22 ACKlii — HOUSTON. TEXAS

US BUILDING AND PROPERTY
OPPORTUNITIES

Unlike others

We have prime project s for sale In California, USA.
we offer 8 toed package which consists of:

PURCHASE FINANCE PROJECT MANAGEMENT

CONSTRUCTION FUNDING DEVELOPER PARTNERSHIPS

EXAMPLE PROJECT

TRIANGLE BUSINESS PARK. STOCKTON. CALIFORNIA
Project; 100 remaining acres of 150-acre park, adjoining freeway,
utilities and roads complete. 160.000 ft* buildings con-
structed and fully leased.

S6B million.

Bonds 9% interest — ► 5 Iff million.

Loan Prime plus 1 % — SBJ million.

5175 million required.

Contact: W. C. White

2 BaHeur Place. London WTY 5RH Tel: 01-493 8642

Price:

Finance:

Cash:

ifi

First class capital hwestment n Austria

We are offerings major share inn business and office complex in the centre
of Vienna. Ideally located for easy connections to tbe Viezuia International
Centre and the Vienna City Air terminal.

A. Offices and street front aeBH« space up to DM 6.M6i»6,-

B- Street boat space oaly up to DM 3 -50MOO,-

This investment carries an interest guarantee of 7% from a major Austrian
bank plus a full devaluation guarantee 11983 estimated total 124% interest).
Write: Norbert E.R. Gregor, UnrversitfitstraBe 6, A-109Q Vienna/Austria,
Teiepboo: 0222/425340 '

AH eoqairies, aegotiatiaas and transactions wfll be treaied witbtotaJtSsaeiioa.

!

FRANCE — COTE D'AZUR (06)
MANUFACTURER WISHES TO SELL;

(1) Printing and Bectronk Circuits Factory.

Healthy business— FF 1750.000 (£165,000 approx.)

(2) Thermoplastics Factory ( cooling and moulding of plastic

materials). .

Good returns— FF 3.000.000 (£284,000 approx.)
Authorised Agent: Mr MESROB1AN — Tel: (93) SLB7M

HOLLYWOOD RANCH. Invar or build
in bMutitol Santa Sou between Twm
and California. .VlZ

16.830. Terms SI. 376'deruwt. 6(17
monthly over S years, amm
Cromar House. Gulldtort Momi. Woking.
Surrey. Tel: WoUag (04S62) 71 967 >8
anytime.

FOR SALE 250 ACRES
OF UNSPOILT LAND.

The land forms part ot southern
cape ol histone and unspoilt island
in the nean ol The CyciBdes dose
■e Myokonos end appro*. 76 miles
from Athens. For details apply;

Box 75880. Financial TJmee
XJ Cannon Street. ECAP 4SY

FLORIDA. OfSte block downtown Orlando
One AAA tenant. S2-300JJOO. Florida
Centre. 43 Conduit Street. London. W1.

a-S2saaawig8i_ —

FOR SALE

MIDTOWN MANHATTAN N.Y.
Freehold Townhouse with Barden. 4
storeys. 2 Boors plus garden, vacant
and Oearxrt tar rraiorxtura. Prime loca-
tion in Turtle aav area. 46U> Sweet
between 2nd and 3rd Avo. Las than
two blocks from Park Are. Suitable
lor office or private use. S800.0D0.
Terms negotiable— tow dowmoaymenL
Vendor based in London.-
01-269 6001

SO Grove End IM. MWI

TV total me m l la uir oa l WH fllawnf wUnul Manaraf I MNn ahivk Humrir
tov mt wwh toduu. 4wu« tock ui DJS to» to wwded mv aew i
iVCttean Brai wtv Mbs tow ewroded SIS pn igoor foot.

Cam W. A. MdtoitorC E Bojoa.
713/224-5595

StolMIH'to. Bwh Nww-CflHwi

cn amr* tod to* vanl 300 PM.. Miy4. not. Cwamal pntc

The Horne Co

IblTVif
fflOl Mm. Sww M0
Homan. TX TfOU

I bv nfUnc vr vountto pwpwiv toacbmr

MERRILL LYNCH REALTY
CARLL BURR, INC.

America's leading real estate
brokerage has prime New York City
and Long Island properties
for sate

WRITE TO:

WILLIAM W. BENDERNAGEL
VICE-PRESIDENT /COMMERCIAL
I RAT PLACE. NORTHPORT, NT 11768, USA

SWITZERLAND

EXCHANGE CONTROLS ARE BEING DISCUSSED AGAIN — ACT TODAY!
FOREIGNERS can still buy apartments freehold in MONTREAUX. the (sshion-
sble summer end winter community on LAKE GENEVA. Also available In
(anraus mountain resorts: VILIAPS. VCR BIER. LES 01 ABLE RETS. LEYS IN.
CHATEAU O'OEX. A superior address lor your European Residence.

Quality apart men ts available from SwFr 200.000 with attractive

mortgages at lour rales over a long period
Developer c/o GLOBE PLAN SA^ Mon-Rapos 24.1006 Lausanne

Switzerland - Tef: (21) 22.35.12

i-Repos
- falax:

25185 melts ch

VERBJER SWITZERLAND

We are seeking a substantial Hotel
Operating and/or Investment
Company to collaborate In tho
development of s major
HOm/ APARTMENT COMPLEX
in Ala popular Winter/ Summer
resort

80LTEX S.A.

Case Pomle 71. 1222 Vesenat
Genova. Switzeriand

USA SHOPPING CENTRE
SACRAMENTO. CALIFORNIA

1 22.670 "eg ft contra fully let to.
first -class tenants. Pries: S7.B

. .600.000

Long-term indexed looses. Reluming
10.2% in first year

65% Financing available el 9%

Clef Proparty Management Ltd.
ClMfnto de Fosaabot
1186 Gland, Switzerland

NEW YORK Cl TV
5th AVC (70'S) RARE FIND
Sth AYE MANSION
Fined wneniioK. fadno oaionis and
Park. Gorgeous marble entry, nuqnl-
went ballroom living room facing 5tn
Are. 6 master bedroom, oanelied
library. Ronftap forrsu. Chance U
aurchau one of the taw townhouacs
on Fifth Are.

Exclusively offered by
DOUGLAS ELLIMAN
Can wrekdays or ante

57S

,212,^.& fi 75 8 Sr U |!fi|.S,S2

■S MadlSee AM. NY. NY 10022

FORESTRY

INVESTMENT

INUSA

Richmond, New Hampshire
PARKER HILL FOREST
468 acres — fully stocked
Largely Red Oak and White
Pine. Easy access from
Boston. $125,000

FOUNTAIN
FORESTRY

3? Queen Aw Sfc. London WIM9FB
Td: 01 SSI 0S45 Telrx: «I5693

NEAR M0NTREUX

(and mountain resorts)

STUDIOS {28.5 sa.ai.} hum Fra.
52.000 AFARTMCMT& 3 k _

IBS

STuoiiA (28.5 eo.m.i mam Frc.
62.000. APARTMENTS 3 b room
(B5 in.m.1 from Fra. '173 000
CHALETS S room (BE M.tnJ from
Fni. S1BJ00. VILLAS Sb room {160
sn.m.) Fro- 265.000 and 6 room
(166 tn.rnj Fra. 388.000. CaSES*
SKCfALCDEp-FOUIGNEIIS-AeCMCY

PC-lwmeWUer-SA, tM7LMma.

Totw-Grbe S. Tel: {21} 2S 26 11

! \

l

/

v x. ; ^

i _

f

' ' ' V

, v ' S A

COMPANY NOTICES

De Beers Consolidated Mines Limited

Incorporated, in the Republic of South Africa

NOTICE TO HOLDERS OF DEFERRED SHARE
WARRANTS TO BEARER
PAYMENT OF COUPON No. 70

With reference to the notice of declaration of dividend
advertised in the Press on 16th March 1983. the following
information is published for holders of share warrants to
bearer.

The dividend of 25 cents per share was declared in South
African currency. South African non- resident shareholders'
tax at 2.75025 cents per share will be deducted from the
dividend payable in respect of ail share warrant coupons
leaving a net dividend of 22.24975 cents per share.

The dividend on bearer shares will be paid on or after
6lh May 1983 against surrender of coupon No. 70 detached from
share warrants to bearer as under: —

(a) At The office of the following continental paying agents:

L'Europeenne de Banque
21 Rue Laffitte
75428 Paris

Credit Suisse
Paradeplatz 8
8021 Zurich

Banque Bruxelles Lambert
24 Avenue Marniz
1030 Brussels

Union Bank of Switzerland
Rahnhofstrasse 45
8021 Zurich

Societe Gene rale de Banque
3 Montagne du Parc
1000 Brussels

Swiss Bank Corporation
1 Aeschenvorstadt
4002 Basle

Banque Internationale a Luxembourg

2 Boulevard Royal

Luxembourg

Payments in respect of coupons lodged at the office of a
continental paying agent will be made in South African
currency to an authorised dealer in exchange in the Republic
of South Africa nominated by the continental paying agent.
Instructions regarding disposal of the proceeds of the payment
so made can only be given to such authorised dealer by the
continental paying agent concerned.

(b) At the London Bearer Reception Office of Charter
Consolidated P.L.C, 40 Hoibom Viaduct, London
EC1P 1AJ. Unless persons depositing coupons at such
office request payment in rand to an address in the
Republic of South Africa, payment will be made in United
Kingdom currency either:

(i) in respect of coapons lodged an or prior to 29th April
1983 at the United Kingdom currency equivalent of
the rand currency value of their dividend on 28th
March 1983; or

(ii) in respect of coupons lodged after 29th April 1983
at the prevailing rate of exchange on the day the
proceeds are remitted, through an authorised dealer
in exchange in Johannesburg to the London Bearer
Reception Office.

Coupons must be left for at least four clear days for
examination and may be presented any weekday (Saturday
excepted) between the hours of 10 am. and 3 p.m.

United Kingdom income tax will be deducted from payments
to any person in the United Kingdom in respect of coupons
deposited at the London Bearer Reception Office, unless such
coupons are accompanied by Inland Revenue non-residence
declaration forms. Where such deduction is made, the net
amount of the dividend will be the United Kingdom currency
equivalent of 17.5 cents- per share arrived at as follows

“ South African

Currency
Cents per Share

Amount of dividend declared 25.00000

Less: South African non-resident share-
holders' tax at 11.001% 2.75025

22.24975

Less: U.K. income tax at 18 .999% on the gross

amount of the dividend of 25 cents 4.74975

17.50000

For and on behalf of
Anglo American Corporation of Sooth Africa Limited

London Secretaries
J. CL Greensmilh

London Office:

40 Flolborn Viaduct

London EC1F 1AJ 24th March 1983

Note: _ - Z*.

The Company has been -requested by die Commissioners of
Inland Revenue to state:

Under the double tax agreement between the United Kingdom
and tbe Republic of South Africa, the South African non-
resident shareholders’ tax applicable to the dividend is
allowable as a credit against the United Kingdom lax payable
in respect of the dividend. The deduction of tax at the reduced
rate of 18.999% instead of the basic rate of 30% represents an
allowance of credit at tbe rate of 11.001%.

De Beers

Oo BanConialatldln) Mines umrtrd

ncnmounwisK bclecgings

TRUST K.V. .

(Engom and Dutcfi Inwiwuut Treat!

ElUMBhcd to Amsterdam

s-i FIRST CUM s UtATIVl PREFERENCE
SECOND

ORDINARY SHARES |

DOME PETROLEUM
IL&$ 50 mffltons
floating Rate Notes 1982/1989

NOTICE IS MERE** GIVEN
on Uw IBIlewiso dl-nHWKH
duly JulhorlMd. IN rd«B»« CMMM MV
presented *t no once*

KoapmaiKDank N.V.. Kewn BfyH 67*.
1017 ET Amsterdam, for oavmcYlt ait or

aftrr April 51*. 1983. , „ _ , .

8 otr cent First CmiuiNUr* PiiNi anefr

SI *Coupa*t No 108. duo AprU 1st, '
1983 al lltc rate o» Fli 32 SO. I
8 per tint Second p« erpmtcq SAarM ,
Coupon No 108. du« Ancll 1st. i
1983 at the raN Ol FI*. 32.50.

^•"Sw-'no. 33 at the r«e o.

2S-. Dutc* DNIdfftt Tit "tH.be
deducted Residents o» *tic united *l"g-
dom and outer countries wit* winch the
Neuter I and* haie concluded a tu WN>
ntent. are advised to consult thew bankers
In order to obtain their dividends tree

or partly tree ot Dutcn Dividend Tan.

Holders of Ordinary snares reentered
with the Company will reenve the divi-
dend at the rate of FIs. 4.70 in the way
as indicated bv them. ^

Couoons forwarded horn the United
Klnooom will only be accepted If accotn.
Banted by the usual decLaranoai reouirad
■n accordance with the rasulaUons In
force in tne Netherlands.

CLUBS

By Order of the Board.

The Management

MOLLANOSE K DORMANS RANK N.V.
Keixersoracnt G74
1017 ET Amsterdam
Marsh 35th. 1983.

FINANCIAL TIMES

-PUBLISHED IN LONDON * FRANKFURT

financial Times Friday March 2SW83

INTERNATIONAL COMPANIES and FINANCE

SEMICONDUCTOR COMPANY FAILS TO LIVE UP TO EXPECTATIONS

Intel enters awkward period of adolescence

BY LOUISE XEHOE IN SAN FRANCISCO

INTEL CORPORATION, the won-
der child of the U.S. electronics in-
dustry. is entering the awkward
stage of adolescence. Like many a
15-year-old, Intel a leading maker of
semiconductor devices, seems to
have lost its charm.

As the company approaches an-
nual revenues of Slbn, it it not liv-
ing up to tbe expectations of its am-
bitious founders, or to the forecasts
of analysts.

Even so. in the worst recession in
the history of the semiconductor in-
dustry, Intel has performed better
than most competitors - but not
well enough by its own standards.

Inters net revenues for 2960 were
$854J5m with net profits of S96.7m.
This represented a revenue in-
crease of more than 29 per cent on
1979 and an income increase of
more than 24 per cent Profits
dropped sharply to $27m in 1981 on
revenues of 5788m, then recovered
to $30m last year on revenues of
-5899.8m.

Intel's growth rate mirrors the
growth of the market for integrated
circuits. As the economic decline
comes to an-end, the semiconductor
market is expected to soar to new
heights, and Intel aims to regain,
its "natural stride" with annual
growth of between 25 and 30 per
cent

The business slowdown has

For the si* months March 21. 1983
to SPBtcmtacr 20. 1983 the Motas
will carry an Interest rate of »*%
per annum.

The Interest due September . 21.
1083 MOJlnit coupon No- 3 will be
U.S 3498.33 and has been compuuo
on tb« actual number of days elapsed
(184) divided by 360.

The Principal Paving A pent
SOCIETE GENERALE
AISACIENNE DE BANQUE
IS. A*. Emile Reuter,

LuKembourg-

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INTERNATIONAL .& BRITISH EDITORIAL A ADVERTISEMENT OFFICES

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brought problems to the surface at
Intel that were not apparent in the
growth scramble. Then it seemed
that Intel could do no wrong. The
company was always first with a
new technology, always first to see
a new trend, and always first to tell
the world about it

Recently, however, Intel has
made mistakes. Some of them, in-
dustry analysis believe, may have a
long-term impact on tbe company’s
future.

Intel has been trying to offset its
dependence on the roller coaster cy-
cles of the semiconductor market
by diversifying into commercial
computer systems. But it has taken
longer than expected for tbe compa-
ny to make headway in the compu-
ter market

Analysts suggest that selling
computers requires a very different
approach from selling chips, but Mr
Andrew S. Grove, Inters president
disagrees. “If anything, we have not
taken a sufficiently chip-like ap-
proach for too long."

In a recent management shake-
up. Intel rejected the marketing
policies of the computer industry
veterans that it had hired to ran its
new computer business. It now de-
fines its systems products as “build-
ing blocks” that can be used to build
up computer systems. "We are more

comfortable with that." says Mr
Grove.

A two-year industry-wide reces-
sion in semiconductor sales has al-
so shown up some flaws in Intel's
mainline components business.

"Intel's profit margins on compo-
nent sales nave been almost deci-
mated during tbe past two years be-
cause of severe price competition,"
says Mr John Lazio, an analyst at
Hambrecht and Quist.

“Intel has the broadest exposure
to the Japanese suppliers as almost
two-thirds of corporate revenues
and almost all of the company’s
semiconductor devices are posi-
tioned opposite the Japanese com-
petitive thrust"

The company must keep ahead of
the competition by driving its supe-
rior circuit design and processing
technology. Intel's strength is in in-
novative products that carry a prof-
it premium and enable the compa-
ny to establish a large market share
before its competitors catch up.

It plans to spend SI 30m on re-
search and development this year,
despite its reduced earnings. Tbe
company's financial position has
been significantly boosted by IBM’s
investment of S250m to buy a 12 per
cent shareholding.

Not all of Intel's efforts to inno-
vate are paying off, however. It
failed to meet its stated goal of gen-

erating more than 50 per cent of
revenues born new products last
year. than 40 per cent was “not

good enough for Intel" says Mr
Grove.

.Worse, Intel's biggest single de-
velopment project is directed at the
design of a new class of micropro-
cessors Called the 432. The goal of
tbe project is to redesign the way a
microcomputer works, and to make
it more reliable, faster and more
powerful. Intel has already
ploughed more than S50m into tbe
432 project, hut after two years on
the market, the 432 is hardly a suc-
cess.

M r Grove admits that tbe 432 has
not fokon off as quickly as he had
hoped. "But technically, we are on
die right track." The company re-
mains committed to the project, he
stresses, even though it has recent-
ly cancelled plans to build its own
computer systems around the 432.
Mr Grove is convinced that the 432
investment will pay off eventually,
but it may be another ' two or three
years before the 432 - or its succes-
sor- comes into its own. Intel is re-
portedly working a joint project
with gasmens to develop a new ver-
sion of toe 432.

The company is expected to be
relatively with its "32-bit" mi-
croprocessor. Intel's 386 is sched-
uled for introduction in the second

half of 1984. by which time compet-
ing chips from Motorola, National
Semiconductor 'and Zilog are ex-
pected to have bees on the market
for valuable months.

Intel's managers are adamant
that the company is not losing its
technological lead.

When the all-important 388 ap-
pears it may well be more advanred
than its competitors, but as Intel
knows better than most, being first
is almost more important than- be*,
ing best in the microprocessor mar-
ket

Intel was the first chipmaker to
launch a 16-bit microprocessor and
although competitive devices intro-
duced later give better perfor-
mance, Intel still leads the market.

Though well known for its mi-
croprocessor products, Intel is also
the world’s largest maker of MOS
(metal oxide semiconductor) memo-
ry devices. It leads the market for
microcomputer memories called
Eproms (erasable read only memo-
ries) that do not “forget" when the
power is turned off. Sales of its
Eproms have boomed for the past
year to an estimated total of 5215m,
more than twice the sales of any of
its competitors.

But now the company is playing
catch-up in memory technology,
too, with two spin-off companies -

SEEQ Technology arid XScor - each
offering more wfcraaced parts in im-
portant sectors cJ the mbmOry mar-
ket. • ' ‘ ' -’i -

More troubling Is the Japanese
interest in ibe Eprom market The
next Japanese thrust is expected to
be in Eprems end microprocessors.
They wdl dominate tho market
and sharply reduce prleest," Mr Laz-

io predicts. .

Ironically, though the Ja pa ne s e
represent a saripus diaBenge to fa tv
tel, the company's stite* to. Jam®

grew by more than 25 per cent bit

year to account JO per

cent of Its components^ business.
That does not warm Intel towards
the Japanese. •

“So tong as m have • iteto stem
product, we cm have *11 the busi-
ness (to Japan) that we like. Once
that product is made by Japanese
manufacturers, our business de-
clines pre c ip i tous ly* Mr Grove
says.

Intel managers are now “cau-
tiously optimistic* that the tvro-yeaf
recession is' nearing an end. but
they lack convietkm to predicting
an economic upt u rn. Twelve
months ago, Intel thought it saw
signs of a recovery and acted by hir-
ing 3,000 additional workers and
gearing up prod uc t i o n . That im-
provement turned out to be short-
lived.

Choose

a

security ,
company '
like this
and

you may
miss.

m

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NOTIFICATION OF INDUSTRIAL
ACCIM3NTSAFTER5thAPRIL1983

LOYERS

*

7. i

!fn*

You may even end up with a
company as haphazard in its
methods as you were in
choosing it Not a security '
compahyatalL ••

So you'll miss out oirthe —
total security Group 4 can give
you . . . services which are avail-
able nationwide through local
area managers . . . services
adaptable to your own security
requirements, with the total
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k to give...

Want more details? Contact
§|. the address belovn or look
m us up in Yellow Pages under
wife Security Services and you
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After 5 April 19834 k fiodostH^li^nles
Benefits Scheme through which H5E

receives a flow of information is to be
abolished. ■. :; . :r ’ v

Employers are reminded of their
rpnlimring legal obligations—

ffi to report jaiynedia^yXr^nr ^y telephone )

major injury or any presaib^iia^^
occurrence. These reports to be icorthraied to wnfing 1
within seven woridng days.

•to keep records erf all accpdarfs reSLfitogia _f-
mcapadfyfeffm<»ethanfiireeday& \ ‘ V. : ’ .

•to complete the fonnsfortodustrial . “ •!.

so by the DHSS. These forms will condnue tofie $ent
toHSEbytheDHSS. •

Health &

msj&a

Group 4 Total Secwity Ltd .
Fame om be House Broadway,

Wb-C3 WR12 7U

Tel. 0366 656585 Telex: 338571

^ Safety
%r Executive

-i™,..;. - - - '• < ■ -

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Vi

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I.

S UBAR U. T H E F UTU RE IN FOUR WHEEL DRIVE.

. ‘ You could be exojsed for dihiidr^ that
someispedesof thegenus/wr iifierfdhvv had
already reached unsupponaWe proportions.

Particularly when you compare them
with the new Aiaomatic 4WD Estate from.
Subaru

Its standard specification indudes such
refinements as power steering electric
windows and door mirrot

Plus a few luxuries that money cant buy
from other 4WD manufacturers. ”

On-thc-move engagementof 1*53
four wheel and front wheel drive is
by push button, conveniently
situated on the automatic gear

sdectocMaidpeitbardy necessary fit
to move the left hand, let aione -

to move the k
the left foot

All for £7-375. Around half the pnceofits
nearest rivaL

Subaai were first to rationalise the four
wheel drive concept into something other ■
than a fuel-guzzling work .horse that only ,
looked at home on the range. .

. Rrsttobt^thcaddedsafetycrf-lxJroad
holding within reach of rhe ordinary family
motorist. ■ * ■ - .. .

first to set up a countrywide network oE
4WD specialists.

. Every Subaru has an 18 month/18JD00 mile
warranty to underwrite Its toughness and
reliability.

So?f youve ever wished for the.confident
feeling of four whed .drive on. a rain vyashed

motorway, in snow or ice, on midorgravd-
look into the future, now at your nearest.
Subarudealct •••'

Yoiivc been dri^rig on two wheels tong,

enough.

"nliil’.i*iji nuHCui vu>tmuly4m;'3:u rntr. AsitiU3i;,4M«o^air»^.ab.*J

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JTnandal Times Friday March 25 1983

23

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FINANCIAL TIMES SURVEY

Friday March 25 1983

Office Property

With too many buildings chasing too few occupiers, rental growth has been
restricted while investment and new development activity has become more subdued. Top rents
can still be found for a limited number of buildings in some towns and cities.

Market waiting
for recovery

BY. ANDREW TAYLOR

THE OFFICE PROPERTY mar-
ker looks a little jaded these
days and dearly needs the kind
of face-lift . that only recovery
from economic . recession can

The same forces that have
brought the manufacturing sec-
tor to its knees over the past
three years have also been chip-
ping away at the hitherto solid
foundations of the eommercfeal
property market

An increase in new office
budding, as the schemes ‘Con-
certed and 1 started in the late
1970S-aad earfy lflSQs approach
completion; Has coincided with
a deep and long-lived recession
which has restricted demand
and frustrated expansion plans.

Tenants who might have been
queueing to occupy ail the
space now being built. Instead
have been anxiously e-riwinrinp;
their corporate waBets Tb see tr
they can afford the affces they
already occupy.

The result has heed a- steady
increase in tbe J amount of
vacant office space-, onr the mar-
ket in many dries and : towns.
With too many buildings chas-
ing too few occupiers, rental
growth has - been restricted
while investment and new de-
velopment activity - has become
more subdued. :

Those who earn their living
from buying, setting or leering
property are dearly having to
work harder for their money.
Bat tibe market; although diffi-
cult, is not Impossible. Land-
lords may have to wait before
they fill their braidings but
deals are still being done.

There have been few, if any,
forced sates and no dramatic
collapse in rents as has been

seen in previous recessions —
notably In 1974-75 when the
bottom fell emtof the commer-
cial property sector.

In fact, commercial property,
by comparison with some other
sectors, has so far escaped rela-
tively unscathed from the
present recession. None the less,
signs of strain are clearly
visible in the growing volume of
estate agents* signboards pro-
claiming empty offices to let

The early marketing of major
schemes, some of which may be
many months away from com-
pletion, has added to the slock
of offices chasing occupiers.

Some developers are clearly
concerned that the lettings may
. deteriorate and that they will
be left .with expensive premises
on tihear bands if they wait to
market their schemes. But
there appears tb be something
“ self-defeating " about the
eaxfy marketing of a building
when there is already a surplus
of office accommodation on the
market -

miller Parker May and Bow-
den in its survey of available
office accommodation includes
only premises of '20,000 sq ft or.
more which win be available for
occupation within 12 months.
The agents figures show that
since January l, 1981, the
volume of office space on the
market in Britain has risen by
morp than 50 per cent to just
over' 23m sq ft.

According to HiHier Parker,
the mast rapid expansion zn
available . floor space has
occurred in London's West End
where available office accom-
modation has risen from i-im
sq ft in January, 1981, to
2.7in sq ft by the end of last

year — an increase of 145 per
cent In London as a whole
available floor space has risen
by just over 90 per cent, from
5.8m sq ft to 11m sq ft.

Elsewhere, agents say that
available floor space in the'
South-East (excluding London)
has risen by 56 per cent since
January, 1981, and by an
average 24 per cent in the rest
of the country.

A large proportion of the
office space coming on tn the
market has been in new build-
ings. For example, of the
5.7m sq ft offered during the
second half of last year, about
2.4m sq ft was in new buildings.

Stockbrokers Quitter Goodison
say that the over-supply in both
the office and industrial markets
“ has come about less from any
downturn in demand for space
and more from the actions of
over-enthusiastic developers.”

The brokers claim that new
development has been en-
couraged by a perception that
the present Government may
provide more favourable condi-
tions for development than past
or future governments; an
easier climate for obtaining
planning permissions, and a
decline in construction costs of
about 25 per cent in real terms
since the end of 1979.

Pace

The pace of new office
. development is dearly visible
Jn construction figures for- 1982,
recently published by the
Environment Department.
These show that output in the
private commercial sector rose
by more than 16 per cent com-
pared witiS.'a L5 per cent
volume increase for all con-
struction ! activity.

Most construction analysts
expect the level of private com-
mercial activity to slow over the
next few years as major
schemes now under way ' are
completed.

There may even be a gap
before the next upturn in office
building comes, particularly if
increases in rents lag behind

Relocation: significant way to cot costs

Information technology: stUl in its infancy

RENTAL MOVEMENTS

Design: toning in to users’ needs

Development: coping with the obstacles

Investment: mixed returns hi mixed markets

Planning; how Headline ent the red tape

m

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Market reviews:

The City, the West End, Manchester
Birmingham, Bristol, Glasgow, Swindon

IV

IV

the expected recovery in con-
struction tender prices. At
this point space shortages may
. start to emerge as the present
programme of new develop-
ments is taken up. Beats may
then be expected to rise more
sharply, encouraging another
sew round of building.

It is more difficult to ascer-
tain what is immediately in
store for Investment and rental
prospects. In . the main, office
rente are showing little or no
inclination to rise and in most
locations will have fallen in real
terms once special deals and
rent-free periods are taken into
consideration.

The market, however, has not
been uniformly sluggish. Even
in the deepest of recessions
there have always been buyers
of luxury cars just as there are
always people prepared to pay
top prices for prime office
space in areas of strong demand.

Thus office rents in the so-
called inner core of the City of
London — those few key streets
around the Bank of England
and the Stock Exchange — con-
tinued to rise strongly last year.

Elsewhere in the City, rental
values came under increasing
pressure as the stock of offices
available tor. letting in the EC
postal districts almost doubled
last year to L2m sq ft compared
with a take-up in 1982, accord-
ing to Richard Ellis, of 2.3m
sq ft

The existence of a strongly-
defined two-tier market with

a minority of prime properties
continuing to hold their value
while secondary properties in
poorer locations suffer, is
equally evident in other parts
of the country. The rental chart
published by Bernard Thorpe
reflects some of the wide
disparities in rental values and
performance around the
country. .

Tim Bloomfield of Clive
Lewis and Partners believes
that the performance gap
between prime and secondary
office properties will remain
just as wide in 1983.

“However, if the building
does not fall within the right
category you may still not find
a tenant in 1983 even at con-
cessionary rentals," Mr Bloom-
field says.

A number of investment in-
stitutions have reappraised
their attitude towards commer-
cial property in the light of the
climate for lettings and the
dull outlook for rental growth.
Prime office yields having held
remarkably steady during rite
first two years of recession, they
started to shift off the bottom
last summer as sentiment be-
gan to turn against the pro-
perty market:

Institutions have become
mote selective about the type
and quality of property they
are prepared to invest in. None
the less, top prices are still be-
ing paid for a small number of
really prime investments. Since

Prime rent/sq ft

Secondary/ rent/
sq. ft.

Movement in last

6 months

Aberdeen

£647

£4*£5

Nominal increase

Bromley

£9410.50

£648

No change

Birmingham

£447.50

£LT5-£2Jt5

No change

Bournemouth

£5-1-

£2.5043 +

Prime up to 10% in year

Smaller secondary 20%

Bradford

None available

Older £141.50
Good secondary

No change

Brighton

£6.50

£4

No change

Bristol

£6

£243

No change

Cardiff

£5

£2-£2.75

Small Increase

Croydon

£11.50

£7.50

No change

Coventry

£2.50- £3. 50

£1.7543

No change

Edinburgh

£L5O45.50

£344

No change

'Glasgow

£646.50

£2^0- £4

Nil

Leeds

£5.2546

£244

+ 9% prime

Liverpool

£5

£1.50- £2. 50

No change

London (Mayfair)

. £20424

£14416

Nil

London (West Central)

£35-£17

£9413

Nil

London (City)

Up to £32

Up to £20 +

Prime 6%. Secondary 4%

London (City fringe)

£9-£l7

£6410

Nil

Victoria

£16-£17

£12414

Nil

W. London (Otistrlek,
Ealing, Hammersmith)

£10-£Z3

£8410

Nil

Manchester

£6.50

£2.50

No change

Nottingham

£3-£4

£1.75- £2.50

Nil

Newcastle

£4.5045

£243

LIttie change

Reading

£12

£8410

5% Increase

Sheffield

£4- £5

£3 +

5% Increase In year

Southampton

£4.5045^5

£2-50-£3.75

No change

Source 1 .' Bernard Thorp*. Annual Properly Survey January T9B3

last summer prime office invest-
ment yields have risen from
4} to 4) per cent, according to
figures published by Healey &
Baker.

Lower interest rates and de-
clining inflation should reduce
the competitive pressures on
property investment but the
office market cannot expect any
fundamental improvement In its
fortunes until the economy it-
self shows genuine signs of
recovery.

OFFICE SPACE AVAILABLE
(sq ft m)

Placed on Available at

market Let end of period

January 1 1981 — — 14.88

January-lone 1981 * 348 3.47 ISJ4

July-December 1981 ... 6.76 348 18.69

Jannary-June 1982 5.37 2413 2141

July-Deeember 1982 5.73 3.03 23.03

Source; Hillier Parker May and Bowden.

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World Wide

Richard Ellis

Finsbury House

23 FMSBURYCfRCUS, LONDON EC2

29,000 soft New self-contained
air-conditioned building.

TO LET :

Contact City Office

Joint Agents The Crty Surveyor

r • • *

Wellington House

WATERLOO

Situated close to Waterloo Station.

A magnificent air-conditioned office
building finished to an unrivalled
specification. 124,000 sq.ft available in
suites from 25,000 sq.ft

TO LET

Contact West End Office

Chiswick Centre BradleyCourt

LONDON W4

41,560 sq. ft New air-conditioned office
development with 65 car parking
spaces. Situated limile from M4 motor-
way, midway between Central London
and Heathrow Airport *

TO LET

Contact West End Office

SWINDON

67,590 sq.ft. Air-conditioned,
exceptional Headquarters building with
78 on site car parking spaces.

-'I »• ~

Savoy Tower

HOPE ST./RENFREW ST. GLASGOW

Air-conditioned accommodation
in modern office building available in
suites of 3.000, 4,400. 5,100 sq.ft, up to
4 0,000 sq.ftFul!y carpeted and earty

TO LET

Contact Office Oept Glasgow

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> ; -.^Manc^ferW60»; : 5: :

$fc3£:

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Richard Sheridan
House,

10 Hertford Street,
London W1

Elegant period office building
with pied a terre.

. 7,700 sq.ft, approx.

21 Dorset Square,
London NW1

Excellent combination of
executive and open-plan offices
in high-quality development
2,095 sq.ft - 1 5,300 sq.ft.

Grosvenor House,

Twickenham,

Middlesex

To Let

Impressive new development
Self-contained office building
with car parking.

8,400 sq.ft.

To Let

Joint Agents: Leslie Untoft & Associates
Contact Grosvenor Street Office

To Let

Contact Grosvenor Street Office

Contact Grosvenor Street Office

Abbey Court,
Royal Tunbridge
Wells

An impressive new headquarters
office building available summer
1983.

24,500 sq.ft

Coal House,
Harrow, Middlesex

Centrally located modem
headquarters building with
extensive car parking.

50,000 sq.ft - 93,000 sq.ft.

Commercial
Union House,
122-128 St. Vincent
Street, Glasgow

Lease by arrangement

To Let

Contact Grosvenor Street Office

5th and 6th floors now to let with
car parking in this prestige new
air-conditioned office block in
one of the finest office locations
in the city.

Joint Agents: Homer Hill & Ptnrs,
■ Geering 4- Colyer
Contact Grosvenor Street Office

Walpole House,
London W5

Prestige new development in an
established office area of Central
Ealing. Entire building let but
fourth and fifth floors available
for sub-letting.

4,505 and 5,340 sq.ft

189 St. Vincent
Street, Glasgow

Entire period office building
3,500 sq.ft plus 4/5 car garage in
prime office location. Ideal small
headquarters building.

To Let

Joint Agents: Richard Ellis
Contact Scottish Office

To Let

Contact Scottish Offfc

To Let

Joint Agents: Jones Lang Wootton
Contact Grosvenor Street Office

Glen House,
Tottenham Court
Road, London W1

Rexible modem offices on
exceptionally competitive terms.
20,000 sq.ft.

Garrick House,

27/32 King Street,
London WC2

Excellent newly refurbished office
property in Covent Garden.
Finished to extremely high
standard.

16,1 50 sq.ft approx.

To Let

Contact Grosvenor Street Office

To Let

Contact Grosvenor Street Office

6 Grosvenor Street
London W1X0A0
Tel: 01 629 8191

23 College HiM,
Cannon Street
London EC4R2RT
Tet 01 236 3611

1 84 St. Vincent Street
Glasgow G25SG
Tel: 041 221 8345

Surveyors

New

o

£7.00 a foot

The city is Peterborough. Fifty minutes from
Kings Cross. The offices are in Midgale House,
a superb new building ovedooking the cathedral
The cost is all-inclusive. Rent, rates and
service charge!

Ihe last 10, OCX) sq ft is available now.

Other modem offices are available in the city
centre from 150 to 40,000 sq ft

And five individual schemes of up to
120,000 sq ft are being built now, in the heart of
the city and only minutes from Queensgate, *

Britain’s finest covered shopping centre. cJfcCr'

Ring John Case On Freefone 4321. j^v'

It must be the Feterboi* oV *

Financial Times Friday March 25 .^983

OFFICE PROPERTY H

Moving to premises outside London has a number of advantages

Relocation :
costly but
worth it

CAST AN EYE down a com-
pany’s record of past annual
profits and the reason given for
a particular break ut an ether'
wise commendable progression
may well be that the company
moved premises that year.

Relocation is costly in terms
of time, money and effort but
more corporations seem willing
to undertake the problems of
double-running On overhead
costs while a move is taking
place, the downtime on expen-
sive capital equipment that goes
with it and. not least, the sheer
hassle of bedding down the staff
that makes the move and train-
ing replacements for those who
rehised to budge.

The strongest theme in this
relocation is decentralisation.
Was it purely good luck and
good management that the
Location of Offices Bureau
scored that initial success in
persuading businesses to shift
out of the capital? Perhaps so,
but a corporate treasurer knows
a good thing when he sees one
and a strategy which cuts rents,
rates and staff costs within an
increasingly tight budget is
clearly deemed a good thing.

At the risk of over-simplifica-
tion, the growing need to cut
operating costs provides the
principal thrust for today’s
relocation trends. What sense
does it make to employ rows of
clerical staff behind ledgers,
typewriters and telephones in
Central London — where the all-
in cost of accommodation can
reach as much as £50 per sq ft
— when the same people can be
absorbing as much as £20 per
sq ft less outside London?

Speedy

Hand in hand with the cost-
cutting impetus is the continual
improvement in communica-
1 tions elsewhere in the country
which, as anybody who uses
public or private transport in
the capital will testify, hardly
seems to affect London. British
Rail may have struck the right
note in this age of speedy com-
munications when it recently
provided a high-speed train ser-
vice at last to the Republic of
South Yorkshire.

BOC Group, the international
gases manufacturer, probably
pointed up the rising level of
irritation with London’s log-
jams when it pulled its key staff
out of Hammersmith and trans-
ferred them to new head-
quarters in Ascot; to reach

Heathrow Airport Ls a much
simpler proposition from this
particular part of Berkshire.

It is Interesting to note, how-
ever. that companies are not
shifting because of any percep-
tion as to how new technologies
will facilitate communications.
W. Green well, the stockbroking
firm, recently asked people they
knew were contemplating a
de-centralisation move and
found that relocation was far
more a response to past
improvements, such as the rail
and international telephone
links, than any planning for.
or response to, say, electronic
data.

In developing the theme of
shrinking demand for head-
quarters space in central
London, the brokers believe
that “ ultimately ’.the exodus
of major companies from really
large administration complexes,
mostly built since the war. will
carry bigger Implications for
future property values than
any careful consideration of
whether properties are pre-
sently a bit under- or over-
valued now against other
investments."

Greenwell found 21 com-
panies considering a major
move away from London and
discovered that these companies
alone occupy more than 3m
sq ft in the capital, equivalent
to about 15 per cent of all
the office space now available
to let or buy there.

“The volume of recent new
individual companies' plans to
move adds up to an unprece-
dented flood." Greenwell says.

The broker also challenges
the commonly-held notion that
it will be just the fringe accom-
modation areas, not the vital
centra] locations, which wiU be
affected by these changes. The
City, for example, has been
affected by the moves, planned,
impending or actual, of Midland
Bank, which has vacated 60
Gracechurch Street the First
National Bank of Chicago, the
Hongkong and Shanghai Bank-
ing Corporation, which is sur-
veying the prospects of leaving
its 99 Bishopsgate offices, and
Commercial Union and United
Dominions Trust which is plan-
ning to quit 45.000 sq ft in
Eastcheap.

. But ICl seems -to have set the
ball rolling in the first place,
or at least focused attention
on relocation, when it an-

Solar House. New Barnet, in north London, which United
Dominion Trust moved staff to from its Eastcheap offices in
the C«y

nounced plans to move 1,000
staff out of its Mtllbank head-
quarters. close to the Houses
of Parliament, ‘in an operation
to streamline management.

Other major companies
remain committed to London
but wilt be planning to up-
grade their existing accom-
modation rather than take
new space in big new . specu-
lative office developments.

Shell, for Instance, occupies
several large office blocks in the
centre but the giant oil group
now proposes to refurbish its
Shell Mex House offices in thb
Strand, " a building of Millbank-
like scale and vintage"
which it will undertake while
occupying the premises. Shell,
the brokers point out “was
previously listed as a 'key ’
tenant for development propo-
sals such as the trouble-fraught
comprehensive plans centred on
Coin Street, South Bank.** '

Rely

Greenwell concludes that the
speculative developers may no
longer rely on indusrrial majors
to take space in headquarters
projects.

The news is by so moans all
bad for rental and asset values
in London, which is perhaps
just as well for the quoted com-
panies since something over
half their assets lie within the
capital. The broker cites Mid-
land Bank's sale of Its Grace-
church Street freehold 4o a
major French bank and. Land
Securities' letting of its 13QW00
sq ft King William Street House
b uilding by London -Bridge to a
single merchant bank as two
examples of what remains a
fluid two-way letting marke t in
parts of central London.

Rest increases, though, are
'providing strong stimulus far at
least considering relocation.
Greenwell found - that “fully
one half have sustained or are
due for a rent review on their
main London : accommodation
within the next three years,
and in some cases the review
is -the first for decades and must
be sizeable.”

And an estate agent. Richard
Ellis, has move to say on the
subject in its recenr survey of
moving offices. Going Places.
“It is now. rare for a 21-year
. lease with' no rent review to
be available in Central London.
Leases with review or rental
stages at five-yearly intervals
are much more common and
many . have upward-only rent
escalation clauses.

"At even shorter Intervals,
rates and service charges can
rise sharply. Unless action Is
taken, costs of accommodation
can become a serious drain."

The estate agent lists five
principal considerations to be
analysed carefully before a
‘successful move can be made.
Location and suitability of pre-
mises, adequacy of communica-
tions, the financial aspects, the
effect on staff and personnel
requirements and. lastly,
organisation and systems.

Having weighed up the pros
and cons and decided to - take
the plunge, a . business should
use the inevitable disruption to
make n critical self-examination
of its “ organisational structure
and methods of working." It
should discover that it can Go
many things more quickly,
more efficiently and hence more
cheaply. That may be one of
the -more substantial, if hidden,
advantages of relocation.

RayMaughan

The supply of research and practical guidance is growing

Confusion over new

“LT." is no cuddly alien wait-
ing to melt young hearts — far
from itl IT is the ogre of
information technology waiting
to turn vast areas of busy offices
into dusty corridors echoing to
the footsteps of lonely watch-
men and their guard dogs. Well,
that Is the view of some com-
mentators on future office
demand. Others welcome
information technology, or IT,
with open arms.

As far as office application Is
concerned, information tech-
nology is still in its relative
infancy. Inevitably, a confusing
number of pictures have been
drawn of what offices will look
like in ten and 20 years’ time.
Some commentators have come
to the conclusion that inform-
ation technology will make
large tracts of current office
accommodation, redundant, put
vast numbers of office workers
out of work and turn property
development on its head
because we will all work from
home.

Other forecasters believe that
microchip technology will
actually create jobs and demand
for office space will be
increased. The truth of the
matter probably lies between
the two

The Government’s launch of
“Information Technology Year”
in 1982 should have done much
to increase awareness of how IT
will affect business and leisure
time. But there ls still a long
way to go before office design
catches up- As one property
mm . recently put - it:
■■ Developers are being pulled
into providing better flexibility
by the tenants. They are often
more sophisticated in new IT
developments than the
designers.”

However, there is a growing
supply of research and practical
guidance being published on
information technology and how
it will affect design and,
ultimately, the level of demand.

The Centre for Advanced
Land Use Studies (CALUS)
recently published a lengthy
report on IT and its impact on
office demand. The CALUS
research unit at the College of
Estate Management in Reading
came to the view that IT has
had a more significant impact
upon the type of office space
needed rather than the amount
required.

CALUS is also publishing a
series of 12 books. The Property
Development . Library, the first

volumes of which will be out In
a few weeks.- Among the initial
offering of four books is Office
Design Today and Tomorrow by
Tony Salata of the London
surveyors Leighton GaldhilL
The book’s aim is to explain the
systems of office development
in these changing times, and
not - just for those on the
periphety of development
activity.

What exactly is information
technology? IT, based largely
on microprocessors. allows
information, whether It be
words, voice or data, to be
transmitted from one place to
another. It sounds simple but
the concept is, as CALUS
describes it “the convergence
of the three previously distinct
fields of computing, communi-
cations and office.”

Flexibility

Flexibility is the key. In the
ideal office of the future every
desk will be a data point,
according to Mr Salata. It may
just be for the relaying of text,
such as a typist, or it may be
an executive position where the
technology sitting there will
have to have the capabilities of
transmitting and receiving
information and monitoring
data.

IT will obviously allow office
functions to be performed in
new ways. For example, the
introduction of word processors
in place of typewriters is a well-
established form of IT that most
offices arc already acquainted
with. But IT goes deeper than
that. The consequences as it
develops will be to change the
pattern of office activity and,
according to CALUS. the “ very
nature of office work.”

For the moment one of the
main problems facing property
developers is the creation of
flexible structures that will
provide facilities for all those
data points of the future which
were the ordinary desks of
yesterday. Every point will need
power and the facilities to
transmit and receive data and.
presumably, tenants will be
unwilling to put up with miles
of cable running around their
desks.

Clearly, greater use of sus-
pended floors and ceilings will
be needed. That is hardly high
technology but already more
modem methods are being
introduced. In the United States
flat cables, virtually as thin as
paper, have been In use for five

years or so for the transmission .
of both power and data.-. .. *

. As yet electrical engineers in
Britain cannot use such cables .
in offices because they do' not
conform to the regulations. Bat
no doubt it will come one day
and then flat cables can just be
run under the carpet.

Future development will also
make increasing use of fibre -
optics. It may be a long while
before this system becomes
commercially viable for 1 office
use but optic tables are remark-
ably small compared to the
traditional ones in use now. -By
the time the technology that is
already with us eomes into .
wide use in offices those sus-
pended floors will hardly need
any depth at all.

Ultimately, computer units
will be linked by Infra-red rays
and not wires at alL Tbe tech-
nology is available but It would
be horrendously expensive to
try it in the average office at
present.

And with all those visual dis-
play units scattered around tbe
office traditional suspended
lighting may need to be
replaced by lighting reflected
off tbe celling and desk lamps.

The coining of IT provides
the opportunity for change but
so far it appears to have had
only a limited impact on the
overall demand for office space
in Britain. The research done
by CALUS shows two distinct
patterns. In some cases XT has
meant fewer office jobs, while
in other organisations the
change has resulted in each
employee ending np with more
space. That seems to take us
back to the two totally different
scenarios presented at the
beginning of this article.

However, the researchers
come ro the view that:

Although IT may dampen the
overall demand fo* office space,
it would be wrong to assume
that there will be a greatly
reduced need for more office
development. The nature of
demand has changed signific-
antly and many existing office
buildings have become func-
tionally. if not physically,
obsolete.

- There is therefore a con-
tinued need to provide more
office space both in new
developments and hy refurbish-
ing existing buildings to match
tenants' changing require-
ments.’*

That view was echoed in
another report from the re-
search department of London-

based Surveyors Richard Ellis
whd have just published a book-
let, “The .impact of the micro-
chip on the demand.for offices.”
The report Teaches eight con-
clusions from a survey of office
users. ~

• There is no evidence that
office space has been reduced
as a result of. new microchip-
based, equipment when there
had beaa im ^opportunity to do

'so.- vV, . .

Tb&q & ttb evidence that
floor-space requirements will be
reduced over the qektffve years
because of new equipment- -

• Occupiers who have moved
to larger premises were, found
to "have a higher than average
use df word processtffS.,

• No link can be established
M present between the Intro-
duction of microchip equipment
and a. seduction in demand for
accommodation. :

• Tbe demand for space is more
closely associated with business
expansion or contraction than
any other factor.

• The majority of users are
not yet using. microchip equip-
ment but an Increasing inten-
tion to do so is apparent.

• There are good grounds for
anticipating- that any floor
space released by the introduc-
tion of microchip equipment
"dll. not become surplus to re-
quirements but will be re-
utilised by redesigning office
layout

• The trend of growth in the
service sector has had far more
impact on demand than new
technology and the future for
this sector is what should be
considered in particular when
researching office .demand*. . .

Sanguine

Richard Ellis takes a more
sanguine view of IT than some
of its counterparts. Yet if tha
electronic office is farther away
than some of the suppliers - of
equipment ' _ltke to believe,
changes In 'office t hinking are
in train.

Nothing will happen over-
night but if development and'
investors want to keep a sue-,
cessful portfolio they must pro-'
vide what tenants .want. Zn the
uncertain and rapidly ebamdiw
world of IT that is not so c «y-
It is hard to envisage London's
office blocks becoming crumb-
ling monuments to yesterdajrs
requirements, yet -equally- ntis-
hard to believt that they :cpu
remain as they orfw . \'?V

Tenj Garret

v

\

Financial Times Friday March 25 198?

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UlOlO!

OFFICE PROPERTY ffl

Why the modem office block
is a machine for wo rking in

Design criteria

.AS ajFEAS of over^-rapply have
in Britain’s office pro-
. perry marker, ' tenant • power' is
PO the rise. Itfcas manifested
.itself ih static 'rent levels or
•• worse, in modified leases and in
• selectively. to .the point, n one
observer puts it, that “office
"buildings have, to fit the clients’
needs' like, a glove if they are
going to selL”

The objective of speculative
development, of course, is not
to produce custom-made build-
ings. , So architects, designers,
developers mid . the investment
institutions producing the funds
are. putting flexibility high on
the list of design" criteri a.

. John .. Hampton, a. creative
director of the international
design consul tan ts Fiteh & Com-
pany, pinpoints two" interesting
aspects of the .Current office
design scene.. ... ' •

“ Good developers and good
funders are at last tuned in to
what the user needs,” be says.
“In fhig market; users have
strong ideas, not . only on what
rent they should pay but also
what a building should do .for
them." Be puts the flexible
layout of space, and the ability
to sub-let- part -of it, high on
the list of users’ requirements.

For Fitch this has meant that
in work with major developers
like Greycoat City Offices, it
came in - as early as possible
alongside the architects on the
first phase of the company's
Victoria Station redevelopment
in London, which is to prodpce
200,000 sq ft of office space. . .

Studies,

The company has also done
studies for Greycoat on its
Finsbury. Avenue -scheme -near
London's . ■ Liverpool Street
station. “ We tend to work on. a
number of planning examples,"
Mr Bamptonsays. “For instance,
if accountants are going to take
the space, ~what will they be
looking for ? ,r -

Fitch is known as the con-
sultants .which wants to see
buildings constructed from the
inside out— on interior designed
to the user's requirements, and
a. shell bust around that. The
market as Fitch sees it wants
buildings capable of taking any
end user, with a marriage of
cellular and open spade in what-
ever proportion is required.

*‘lt is those buildings with
flexibility and good architecture
which are going to be let," says
Mr Bamptan. “ Mediocrity is go-
ing to take a back seat.”

His second aspect — “ less
dynamic, but important” —
takes in some interesting obser-
vations of the market for re-
furbishment. “With the cost of
building today,” he says, “there
is an amazing legacy of 1960s
buildings with exciting re-
furbishment prospects of quick
gains, and quick yields."

Rate of development
outstripping supply

Flsheyc lens view of a third-floor office in Knightsbridge after it was replanned. A stringent
approach to the use of space made the most of this narrow floor, in a 1950s block

Energy

“The typical 1960s.building,"
he says, has a good structural
format and in many cases
classic grids within which one
can plan. “ In many cases, how-
ever, they are without wire
management systems, suspen-
ded ceilings and the right air
conditioning.”

There is an awesome energy
about functional approach
to building design, charac-
terised by a remark by architect
Jeremy Mackay-Lewis. senior
partner of the Whinney
Mackay-Lewis partnership. “The
modem office block is a m ac hi ne
for working in,” be says.

But the machine need not
necessarily be uncomfortable.
Timothy TTarnmnnri, chairman
of interior designers Charles
Hammond, puts a plea for the
right working atmosphere and
environment ih a recent issue
of Chief Executive — the target
.at which he takes open aim.

• “ Chief executives and their

senior colleagues probably
spend a lot longer than the
customary one-third of their
weekday lives at work," he said.
“ Their working environment is,
therefore, all important, but It
is seldom given the considera-
tion that it deserves by a com-
pany’s top decision-makers
themselves.

“Before calling designers in
to discuss requirements, pros-
pective clients should be dear
in their own minds what. they
are seeking to achieve," be said,
emphasising the choice between
practical considerations which
make the money in a “paper
factory," and the favourable
impact upon customers which.
In other cases, could make a
difference.

Hammond is currently work-
Big on a three-year design pro-
ject for the Standard Chartered
Bank, “taking over where the
architect left off ” on the

interior design and furnishing
specification of the Piano Nobile
floor at 28-38. Bisbopsgate in
the City of London. '

Image

Ur Hammond sees this sort
of work — housing the chair-
man’s and directors’ offices as
well as those of the senior
management and including the
boardroom, dining rooms and
reception areas — as emphatic-
ally cost-effective — “an atmo-
sphere conducive to .efficient
yet comfortable operation, a
good place to seU from."

He sees the co-operate image,
welcome of clients, and comfort
of executives as areas of prime
importance, “ creating the right
atmosphere, the best environ-
ment, the best work.”

Attitudes not very different
from these, perhaps, lay behind
one of the most controversial
aspects of office design at the
moment. This centres on the
encouragement given to design
competitions by Mr Michael
Heseltine, former Environment
Secretary, and taken up subse-
quently by project managers
and builder-developers.

There might seem no better
way of producing good build-
ings, but the disadvantages of
the competition method show
clearly in the upsets oyer the
architect-developer competition,
held for what is known as the
Hampton site — to provide offices
as an extension to the National
Gallery in Trafalgar Square.

Expensive

Jeremy Mackay-Lewis says
that competitions are fun but
expensive for tbe architect who
is also, as a professional practi-
tioner, denied the role which he
is best qualified to perform.

Tbe architect, he says, is best
at determining a brief with a
client. He derives this from a
“ succession of approximations ”
which, as client and architect
come closer together, shows the
latter -what his client really
.wants.

“Sometimes we have to tell

him he needs two buildings in-
stead of one,” he says. “ Some-
times we say he should not
build at all, and offer a different
solution."

But when a client has com-
petition entries to consider. Mr
Mackay-Lewis says, he has to
analyse some highly technical
work — models, costing pro-
grammes, and so on. He might
find that he tikes parts of one,
and parts of another.

“ Competitions should be
judged on work which has been
done. At the moment, it is like
building from the street up-
wards, rather than from the
foundations."

However, this should not ob-
scure the point that serious
thought is going on at many
levels — in Government, in the
architectural and design pro-
fessions, and among the de-
velopers — on ways to improve
both the external and internal
qualities of new office buildings.

Mr Stuart Lipton, who re-
cently resigned his executive
directorship of Greycoat London
Estates to pursue personal in-
terests, made no bones about
his belief that office architec-
ture should be improved, and
that he is aiming to do some-
thing about it

Refreshingly, he was not
saintly about it. “ Better archi-
tecture makes money," he said.
“ If you look at good buildings
you will find that they are also
the ones with the best rents."

William Cochrane

A YEAR ago ihe property mar-
ket was congratulating itself
that the Left-wing Greater Lon-
don Council's office policy had
had little impact on develop-
ment in the capital. Today, the
market might be happier if a
more restrictive line had been
taken.

In a special report published
earlier this year. Jones Lang
Wootton said the current wave
of office development in Central
London is both greater in
volume and of longer duration
than the previous “ boom ” of
the mid-1970s.

“In the short term, the rate of
completions during 1983 will
remain high,” said JLW, “ and
we anticipate that the rate of
starts will continue to decline
from the very high level re-
corded in the second half of
1981.”

What is happening in London
has its parallels throughout the
UK. Property development
over the past 12 months has
gone ahead against a baric-
ground of generally restricted
demand, particularly in the in-
dustrial and office markets.

Oversupply in some areas —
the City of London "fringe,"
off-centre in Edinburgh, parts of
the “Western Corridor” on
and around the M4 motorway
are just a few examples — has
made matters worse. “Indeed."
say Edward Erdman, “ much of
the construction of schemes set
in hand earlier in the year may
not have taken place had the
lack of current demand by
tenants been apparent at an
earlier stage.”

Factors

Erdman pick out two other,
possibly more important, factors
in last year's development
activity. In early 1982, they say,
funding was relatively cheap
and easier to get than later in
tbe year, when “ more cautious
institutional attitudes inevitably
prevailed."

They also highlight the will-
ingness of building contractors
to undertake projects on slim
profit margins to maintain some
continuity of work, and to keep
their workforces together.
“Some contractors,” they say,
“have been prepared to take
on the risk position of funding
schemes in the interim in the
expectation of forward sale
arrangements with institutional
Clients in competition.”

But low building costs can

only make competitive rents
possible. When demand does
not meet supply, this hardly
matters. Erdman talk of re-
duced private sector demand
coupled with the virtual dis-
appearance of public sector re-
quirements. and say: “Despite
near-static costs, the viability of
new schemes in most areas re-
main marginal with rents show-
ing little or no growth.”

They soe only the most
important regional centres, like
Glasgow, continuing to attract
developer interest outside South

East England. In the South
East, they take the view that
popular areas for decentralisa-
tion of office stock have become
almost too popular; their main
attract ion. cheap rents, is not
what it was.

Yet. where the conditions are
right, large-scale office develop-
ment Is still going ahead with-
out a qualm on the part of the
developer. Only recently. West-
minster City Council saw a
£70m plan for tbe further re-
development of London's Vic-
toria Station, incorporating
450.000 sq ft of offices in addi-
tion to the 200.000 sq ft already
under construction.

The scheme was put forward
by British Rail and Greycoat
London Estates, the latter
owned 50 per cent by Greycoat
City Offices and Sir Robert
McAlpine and Sons. On the
concern expressed by properly
professionals about the actual
and potential vacant office space
in Central London. Mr Geoffrey
Wilson, deputy chairman of
Greycoat City Offices, said:
“These reports do not make us
nervous at all; we have an out-
standingly good location.”

The property developer, of
course, is In the business of
development with or without his
own funds. If without, he has to
look elsewhere and there has
been a general feeling lately
that institutional investment
managers are less prepared
than they were to risk their cash
flows on tbe UK development
market.

Edward Luker, a partner of
Richard Ellis, debated the point
lately at a Profex symposium
organised by Philip Shipman
on new concepts in property
development finance.

“Notwithstanding the general
air of despondency," he said,
there is in reality a very active
funding market." In Mr Luker's
experience, few if any good
schemes fail to attract the neces-
sary funds. “It may take longer

We don’t just
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to arrange the method of fund-
ing," he noted, “it may not
eventually be the method the
developer had hoped for and
the price may be lower, but the
money is there."

Speaking at the same sympo-
sium, Mr John Parry, managing
director of Commercial Union
Properties, advanced the institu-
tional view. He said the prbpor*
lion of pension funds’ cash flow
available for investment in pro-
perty has tended to diminish,
for a number of reasons.

Topped up

One of them is that “the
degree of underfunding is pas-
sing." In other words, for a

period the actuarial calculation
of a pension fund’s eventual
obi i cat ions exceed the money

being paid into the fund, which
in some cases had to be “topped
up” from corporate funds —
Saving the manager more tu in-
vest.

There was also unemploy-
ment, reducing the money being
paid in. and indexed linked gilt
edged stocks with yields close to
the parameters against which
property had performed in the
long term.

Thus, said Mr Parry, the
funds’ capacity to do deals has
diminished. “With deals over
I5m we now get a discount for
size compared with £lt»m six
months ago — the size of trans-
actions has also tended to
diminish." he said.

The passing of six months
has. in fact, made a visible dif-
ference. In July of last year
the value of prime office land
in Birmingham was underlined
dramatically by the £3.6m paid
for a half-acre site by W. A.
Blackburn, a Coventry-based
private developer.

But some* of the warmth had
gone out of situations like that
by the early winter of last year.
Healey and Baker in a current
round-up of the UK office mar-
kets pick out this sole develop-
ment point: "We believe that in
the past three or four months
there has been a notlcable tail-
off in what was the cver-bullish
approach by developers to
acquire office development sites
with planning consent"

In their view, the main interest
for developers now seems to be
in small schemes and refurbish-
ments in the provinces, “and
one hundred per cent prime
location* at that."

William Cochrane

. • ■ 1

cm

i . • . Muic *

We manage them, refurbish
them, review rents, revalue,
develop, relet, advise on rating
and taxation.

In fact JLW offer practically

SALES & ACQUISITIONS

INVESTMENT

VALUATION

LETTING

FUNDING

AUCTIONS

AGRICULTURE

RATING & TAXATION

RENT REVIEWS & LEASE RENEWALS
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X . PROJECT SERVICES

Y\ DEVELOPMENT

J I RESEARCH

fU JLW COMP UTON

fj INTERNATIONAL SERVICES
f ESTATE MANAGEMENT SERVICES

related service you care to
mention - worldwide.

Jones Lang

Chartered Surveyors-lnternational Real Estate Consultants
103 Mount St London W1Y 6AS England Telephone 01-493 0040, Telex 23858
Kent House Telegraph St Moorgate EC2R 7JLTe!ephone 01-638 6040 Telex 885557

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Six of the Best!

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2,200 sq. ft

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Lift, central heating. 1,360 sq. ft

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Lift, entryphone. 1,605 sq. ft

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Period offices,

Night storage heaters, wx. en-suita . . 1,245 sq. ft

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Lift ar conditioning, entryphone, tea station
1,800 sq. ft

Chartered Surveyors

1 6 Suffolk Street, London SW1Y 4HQ

01-9309731

De-centralisation —
is it worth it?

NOT AT THESE PRICES!

You can achieve substantial savings in
cost and avoid the disruption that a
move out of town causes. We offer
10.000- sq.ft, of offices in Goswcll
Road. E.C.l at £11.00 per sq. ft.
including rates. Also we have suites of
between 1,500 and 10.3)0 sq. ft. in
Southwark Street, S.E. 1 at £13.55 per
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Call us now for brochures and an
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King S trivl. Si. London, SW1Y 6Q2

Telephone 01-930 732 1 Telex 1595341 !
LONDON SINGAPORE VANCOUVER

Small

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Tel: 01-834 6454 . - .Telex: 8954348/

LONDON - Offices

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BANNER STREET. EC1 ■
KENNINCTON LANE. SE11

1 .600 sq. ft.

1.600 sq. ft
2.200 sq. ft.

5.000-15,000 sq. ft.

SOUTH EAST - Offices

LONDON ROAD. CHERTSEY
HIGH STREET, WINDSOR
AJAX AVENUE, SLOUGH
SEAL HOUSE. BASINGSTOKE
SPRINGFIELD HOUSE. HORSHAM
UXBRIDGE ROAD, HAYES

4.400 sq. ft.
1.000 sq. ft
,7,300 sq. ft.
8,200 sq. ft.
24.800 sq. ft.
9A00 sq. ft,

□□ Grimley & sort

□□ 01-a3i&9654 (§5

•” T'\ . . V"

Financial Times Friday March 23 1983

OFFICE PROPERTY IV

Difficult
to invest
in hard
year

LAST YEAR was not a good one
for the institutional property'
investment market in general.
Offlces, on average, took a
median line between shops —
values growing, but much more
slowly— and industrial property,
which went into decline.

Jones Lang Wootton’s latest
Property index, published In
January, showed office invest-
ment performance at an
absolute standstill in terms of
capital values between Decem-
ber 1981 and December 1982.
against rises of 12.8 per cent
and 7 per cent respectively in
1981 and 1980.

JLW emphasised that this
applied to the sub-sector as a
whole, but not to its individual
parts. “ A study we have made
of the offices in the Index port-
folio reveals a wide spread of
overall returns ranging from
minus Hi per cent to plus 18.8
per cent over the year," they
said. “ emphasising that even
when the general perception is
that nothing much is happening
in a market, returns on Indivi-
dual properties can be perform-
ing in a widely disparate
manner."

The problem for some, the
opportunity 'for. others, is
straightforward supply and
demand. Healey & Baker said
in December that for offices,
clear oversupplies prevailed In
some areas. The strongest
market remained in the south,
they said, and was concentrated
on properties valued at less'
than £5m. the most popular
targets for the smaller institu-
tions.

Several months later Paul
Orchard-Lfsle. H & B partner
in charge of investment and
research, has noted a marked
shift in emphasis in the institu-
tional Investors' attitude to
direct property investment,
bringing enthusiasm back into
the market. But the enthusiasm
was concentrated on shopping.
On offices, his attitude was stilt
strictly neutral.

There is still plenty of mileage
at the top end of the market.
Nothing, it seems, stirs the
imagination of agents,
developers and investors more
than the odd City of London
freehold which becomes avail-
able now and then. When the
Royal Bank of Scotland decided
to dispose of three last year —
two adjoining in Lombard
Street and Birchin Lane, the
other in Bishapsgate — this
became a considerable talking
point

The recently-announced final
sale, 3-5 Bishopsgate for over
£llm making a £20m-plus total,
illustrates why. The property
has been bought by London &
Edinburgh Investment Trust;
the Grade n listed building is to
be refurbished to expand net
Roorspaee from Us present
20,000 sq ft to 31.500 sq ft

The result should be an uplift
in value to about £18m with
both Drivers Jonas, acting. for
the Bank and Wright Oliphant

Conditions in a number of important markets
are reviewed here and on the next page

Hit by recession

The City

The eld Royal Bank of Scotland building in Bishopsgate,
sold for more than film

PERCENTAGE RELATIVE YIELD MOVEMENTS

(in relation to

prime

freehold

office

investment of £2m)

Completed

Non-

Minimal

Medium

High

and let

risk

risk

risk

risk

1973

•L5

4.75

5

NA

NA

1974

7

NA

NA

NA

NA

1975

6

6.5

6.75

NA

NA

1977

5J25

5.5

5.75

fi.25

NA

1980

4J5

4.75

5

5.5

6

1983

4.75

5

5.25

5.73

6425

NA indicates method not generally available.

Source: Richard Ellis

and Hillier Parker, representing
the buyer, apparently happy
with the result.

Reading between the lines, it
might seem that the focus of
the investment market is
changing. Professionals seem to
be coming to terms w*?h the
need io do much more research
before, and perhaps take more
action, .after, an investment
decision is made.

Queue

One of the first- authoritative
forecasts of the New Year came
from Richard Ellis, which then
reckoned that an upturn was
only six to nine months away.
By then, it believed, the queue
of investors waiting for the
right Ume to buy could have
reached daunting proportions.

Ellis believed that an invest-
ment market should thrive on
volatility, as long as the inform-
ation was there for investors to
take two-way decisions.

The firm warned that when
investors finally do decide to
take the plunge there will be a
scramble for plum properties,
accompanied by soaring prices
and yet another breakdown in
the market mechanism, from
overactivity this time rather
than from a dearth of business.

To an extent the agents and
the -investing institutions have
been caught out by their own
penchant for prime properties,
or at least tor talking in terms
of them. Prime yields were the
centre of attention last year,
threatening to rise in the spring
and doing so in the summer.

Institutions, too, have had
oroblems of their owzl Michael
Hallett, investment/ research
partner at Sillier Parker. said
at a recent Profex symposium

that in the 19n-Sl buom years
for property, funds had made
a strategic decision to invest
25 per cent of their portfolios
in the sector.

That meant, he said, that
sometimes 50 per cent of the
funds' cash Sows were going
into property in those years to
get the portfolio up to the 25
per cent mark. In 1981. he said,
they got there. The bigger funds
had gone more inio property
than the others, they were sub-
sequently hit more by redun-
dancy and they had less money
to invest in 1982

He noted that investment
statistics showed cash flow for
the pension funds down 12 per
cent in the first nine months of
the year, and their investment
into property down by 15.5 per
cent, Tne drop, in Mr Hallert's
view, was actually much more
than that Government
statistics, he said, were gleaned
from stamp duly returns and
probably were a minimum of
nine months out of date.

An added ingredient to the
flow of funds equation was Ihe
raising of exchange control in
1981. Some funds made another
strategic decision, he said, this
time to go overseas, with
obvious repercussions on their
ability to invest in the UK.

So— as usual after the event—
there are any number of reasons
why the office property market
was sluggish in 1982. Edward
Erdman qualifies this in its 1982
report by noting: "There was
considerable competition for
prime office investments
throughout 1982 in spite of
rentals remaining generally
static.” The same, no doubt,
could hold true of 1983.

William Cochrane

Planning red tape cut

MR MICHAEL HESELTINE'S
tenure as supremo at the
Department of the Environment
may not go down as one of the
most popular, but his attempts
to cut. through some of the red
tape ' of Britain’s. ' property
planning system have certainly
made their mark.

Not least of- his controversial
actions Came with the "swan
song " of planning decisions
announced a few days before
last Christmas.

In that week alone Mr
Heseltine made no fewer than
four decisions which could
dramatically change London's
skyline-

• The design team of Ahrends,
Burton and Koralek were
anpointed architects for the
National Gallery's new exten-
sion in Trafalgar Square.

• Approval was given to plans
for redevelopment of the old
Billingsgate fish market in the
City to provide a new com-
modities exchange with office
development

• Approval also went to plans
to build 6" 13 acres of land
near Coin Street on the South
Bank, between Blackfrlars and
Waterloo Bridges.

The go-ahead was given for
flo

a £30m plan to redevelop the St
George’s Hospital site at Hyde
Park Corner.

'The appointment of Ahrends.
Burton and Koralek fuelled the
hotbed of architectural debate
over the National Gallery exten-
sion. The competition has closed
with all the hallmarks of a com-
promise. In the first round of
the competition there were 79
entries for the coveted scheme.
Seven were selected for stage
two for which more detailed
designs were submitted. Of
these, three were selected by
the assessor— those by Ahrends.
Burton and Koralek; Arup Asso-
ciates and - Skidmore Owings
and Merrill. ‘

However, -the advisers were
unable to put forward any of
the three schemes as they stood
and the announcement date of
th£ winner was put back so that
all three entrants could go away
and rework their plans. At this
point o . division between the
trustees of the gallery and the
advisers became evidenL

The trustees favoured the

Skidmore scheme, the advisers
not representing the gallery
leant towards Ahrends' pro-
posals. Ahrends won the day
though it was sent off to draw up
a new design.

No less controversial was Mr
Heseltine's move on Coin Street.
Despite two marathon planning
inquiries costing £2m the furore
surrounding the site has hardly
abated. Tbe Minister gave out-
line planning permission for
two schemes for the Coin Street
site. Greycoat Commercial
Estates has won approval for
the smaller of its two plans
involving 1.3m sq ft of mixed
commercial and recreational
space, including 850,000 sq ft of
offices.

Mr Heseltine also gave outline
approval for an alternative set
of proposals put forward by the
Association of Waterloo Groups
which bas the backing of Lam-
beth and Southwark Councils
and the GLC. Its scheme is for
housing, industry and open
space.

The association, local councils
and the GLC have now put their
combined weight behind appeals
against the Greycoat scheme
and are moving through the
courts to prevent the 1.3m sq ft
'development going ahead.

Hackles

Yet if the Minister's attitude
towards planning caused a few
hackles to rise, it certainly had
a plus side. Talk to property
developers today and there
Seems to be a general feeling
that Mr Heseltine's reign as
Environment Secretary did
engender a more positive atti-
tude towards development
among planners at all levels.

One of Mr Heseltine's more
memorable moves was the use
of a special development order
for the Anmbridge project on
the South Bank at Vauxhall
Bridge. Plans for the highly*
controversial site, known as the
"Green Giant," had run into
enormous opposition from local
parties, and indeed Mr Hesel-
tine had thrown out a scheme
for the site earlier in his time
as Environment Secretary.

Using classic carrot and stick
tactics, Mr Heseltine got Arun-

bridge to hold an architectural
competition for the site. In. re-
turn the path of planning would
be smoothed by the use of- a
special development order.

However it was not a resound-
ing success. Arun bridge had re-
served the right to make the
final choice of design rather
than leave it to an independent
body of judges. A public exhi-
bition of the various proposals
was put on and visitors invited
to vote' for the project they
liked best.

As a public relations exer-
cise it was impre/tive, but the
result of the voting was not
made public and the choice of
a zigzag office development was
far from popular. Mr Stuart
Holland, Labour MP for Vaux-
hall, called the project "scan-
dalous and indefeasible.” Never-
theless. the scheme was already
on the escalator to approval and
passed through Parliament last
summer after some lively
debate.

The GLC would, argue that
their longnmning assertion that
the level of office stock in- Lon-
don is adequate to cope with
foreseeable demand without
more large developments, is
now being vindicated by the in-
creasing evidence of research.
For example, the recent report
by the Central London Offices
Research — a monitoring process
undertaken by chartered sur-
veyors Jones Lang Woorton —
underlines the potential
imbalance -of supply and de-
mand in the London market.

Tbe report states: “Comple-
tions during 1982 and 1983 will
■total over 10m sq ft. gross — a
high level relative to previous
years. This amount of new
floors pace will provide a severe
test of the strength of demand
for top quality offices in central
London in the short, and

medium rerm."

At present County Hal! is
wondering what line Mr Hesel-
tine's successor, Mr Tom King,
will adopt. It would be

unrealistic to think that there
will be any major shift of policy.
Nevertheless. the GLC is
watching a couple of appeals

currently on Mr King's desk

with more than passing interest.

Terry Garrett

THE CITY of London— In
terms of rents, rates and ser-
vice charges— remains one of
the most expensive office
addresses in the world.

However, the City, despite
its undoubted strengths and
attractions, is not immune
to the effects of economic
recession. The market has
suffered in recent months as
tenants have failed to
materialise in sufficient num-
bers to fill all (he office space
planned.

However, the market is not
suffering uniformly. The re-
cession has not reached sonic
parts or the City office market
that recessions, as tongh as
this one, might be expected to
reach.

Rents, notably in the City
fringes, may have generally
stagnated; in some cases ren-
tal levels will have fallen once
special deals and rent-free
periods are taken into con-
sideration.

Bnt in other areas, mostly
in those few key streets
around the Slock Exchange
and Bank of England, demand
has remained strong and rents
have continued to rise
throughout the recession.

Richard Ellis in its latest
review of the City office
market says: “The pattern of
rental growth has closely
followed supply /demand
variations in the City reflect-
ing the distinction between
central and peripheral loca-
tions.

“ Rents in the central area.

mainly those for prime build-
ings have shown substantial
increases of up to £3 to £4 a
sq ft during the past 12
months— rising by more than
20 per cent in some instances,
This movement in top rents is
clearly a reflection of the
scarcity of first -cl ass accom-
modation in the area.

“ In contrast rental growth

outside the main banking/
Ice ably

Insurance area was notice fib _
lower, with values in -the
Fleet Street and Holbora
areas and other peripheral
City locations remaining stalls.
The high level of availability
In relation to demand in these
areas has resulted In many
properties taking a consider-
able time to let.” Richard
Ellis says.

Interest

Chris Peacock or Jones
Lang Wootton does not expect
ibis situation to ' alter
materially during 1983:
“Judging by some negotia-
tions taking place in the
market, and the strength of
interest being shown In some
buildings by prospect Ive
tenants, we can expect to see
reasonably strong growth in
rents In the prime banking
quarter or the City during
1983.

“For the rest of the City,
we expect to see little If any
growth in rents this year,
with rental levels having
more or less reached ' a
plateau in fringe locations.'’

In one of the top deals of
1982. National Bank Of.
Kuwait agreed to pay Just
over £32 a sq ft for a 9,650

sq ft suite of offices in 99
Bfcthopsgate let. by Jones
Lang Wootton- -on’ -behalf of
Hong - Kong and Shanghai
Bank .

Bnt rents like this are the
exception rather- than the
rule

The imbalance between
supply and demand has. been
made wider by .the early
marketing of schemes— some
not due for completion for
many muutiju*— -by developers
concerned that if they wait,
conditions in the market may
worsen. . .

The market has not been
helped by the wide publicity
given to the decisions .by
several longstanding City
occupiers to move to cheaper
accommodation elsewhere.
Commercial .Onion, for
example, has announced
plans to transfer the Jobs oT
about half Its 2.400 London
staff to offices ha Croydon and
Basildon.

At thp beginning of this
year First National Bank of.
Chicago surprised the market
by announcing plans to
vacate its City headquarters
to move down the road to
MEPCy Legal General’s 190.UM
sq ft Long Acre development
In Covent Garden.

Commercial agents say —
not surprisingly— that the
significance of these reloca-
tions have been over-stated.

Nonetheless, moves by
major comptodihr. such os
Commercial Uufou. l/DT and
others Indicate that all Is not
presently well with the
central Loudon office market.

Andrew Taylor

Discriminating tenants

West End

TWO OPPOSING forces are now
at -work in the West End prop-
erty market. On the one hand,
the demand by internal ional cor-
porations for prestige space in
the heart of the more fashion-
able areas seems to be as strong
as ever. Similarly, interest in
small suites continues unabated.

But if smalt remains beauti-
ful. and what is fashionable
remains important, the other
side of the coin is the trend
toward large occupiers with-
drawing from some hitherto
very strong letting areas.

Above all. as Savills have
pointed out recently. 1983 is the
year of the “ discriminating
tenant." The West End office
market is beginning to show
divergence in the letting
achievements of the prestige
areas, and the peripheries, and
between modem, flexible space
within the fashionable core and
adjacent refurbished accommo-
dation.

Many buildings in the West
End. as the estate agents have
noted, are listed as being of
architectural interest.

Often originally designed as
houses with large individual
rooms. “ there are -many ex-
amples of refurbished listed
period property in prime loca-
tions which remain unlet for
long periods of time."

St James’s Square, which has
become one of the most sought
after office locations in the
capital, is an example of the
lotting differential which has
emerged. . _ „ „

The Post Office Staff Super-
annuation Fund let its 46.000

sq ft modern office development
at 8 St James's Square -to
Enserch Corporation, the U.S.
engineering group, for a re-
ported £24 per sq ft. However,
the next-door building, part of
the same development is a
listed building and is under
offer at a rent believed to be
less than £18.50 per sq ft This
discrepancy, the agents feet
•• highlights the large gap In
demand between modern
quality space and older refur-
bished offices."

The area as a whole, like so
many others, is forced to come
to terms with a substantial over-
supply of space., There la ahoqt
2.5m sq ft of accommodation-
available in the; West Etod b*-
though .'agents iput this, in the.
context' of a total of more than
49m sq ft of office space avail-
able in the City of Westminster;
Very tittle new space,, modem*
efficient and above all flexible
remains unwanted for • very
long.

Two-tier

In addition to the conti nuing
attractions of ' St Jamefftf,
agents universally cite. Covent
Garden and Mayfair as locations,
of strong appeal. Knights-
bridge, however, may be be-
coming something of a two-
tier market. Small suites, ■
usually comprising between
2,000 and 10,000 sq ft of net
space, are still letting welL

Tbe area around Hyde Parts
comer Is stimulating a good
deal of interest, say agents
Savills, which are now market-
ing 24,000 sq ft of prestige ac-
commodation. They confidently
expect to achieve rents in excess
of £20 per sq ft. In addition, the

redevelopment of :St George's
Hospital, at Hyde Parte Corner
by Uroavenor Estates Is start-
ing thte year. . • -

•. Yet major J corporations are
contemplating moving out of
the larger, blocks. Further west
itawn ! Kn&ghtabridge . -.itself,
Healey & ; Baker note, there is
joow -some 50,000 sq ft available
on various floors In Bo water
House. ; - : ..

Tbe drift large-scale

accommodation V to smaller
executive • kuttte elsewhere in
London, or outright mows
from the capital, has probably
been -most marked iff Vmona;
jnevlciuj^j -ah-' ap&a of masked
under-supply ~ as major
moat - qeparftn ertitt A oil
companies : lAv£ taken wee
. between the roil terminal and
the Houses of Parliament.

That ove^suppiy may
reversing bad agents la
general believe that if rents
actually weaken anywhere in
the West End t*»te year.
Victoria may he the principal
area.

Large corporations such as
Blue Circle — which is to vacate
300,000 sq ftjtq Stag Place in
favour of premises under con-
struction. -at-- Aldermaston — the
British Steel .;- Coiporarion.
British- Airways. Phillips
Petroleum and-Esta, are all
examples -of companies which
have .said they, are moving or
contemplating, a' move.

Rents in large' -offices arc
generally expected to stay static
throughout much of the area
this year although continued
demand for modern, single-floor
suites c0uM(;Uft rents for such
space by pyer ^0 cent, .

/•• • Ray Maoghah

Central rents rising

Manchester

LEVELS OF inquiry have re-
mained depressed in Greater
Manchester over the past year
hut rental values for prime pro-
perties in the centre of the con-
urbation have continued to rise
and have now gone through the
£6 per sq ft barrier.

The Tootal Group has taken
a lease on the entire 39,1100 sq ft
of Kent House. Spring Gardens,
at more than that figure though
two floors have been sub-let to
banks.

Agents Dunlop Heywood say
the pace of inquiries has
quickened over the past two
months and is beginning to
show through in firm lettings.

Space ' outside the central
core and second-hand space
generally has been hard to let.
W. H. Robinson says the reces-
sion bas forced a rising number
of companies to sub-let space
they do not require.

Dunlop Heywood 's report for
1982 says that for the first time
for some time surburban Man-
chester attracted fewer Jettings
than the city centre. Neverthe-
less, there have been a few over
10,000 sq ft. including Data
General’s lease of 13.000 sq ft
at Parkway House, North end en.

Most agents say the market
outside Manchester has been
rather flat, though at least one
continues to argue that places
close to motorways such as Sale.
Altrincham and Stockport re-
main relatively popular. Rents
in these centres tend to run In
the £4.50 to £5.50 range which
is very similar to average rents
m Manchester. Stockport has
tended to lag behind but the
benefits nf the MRS motorway
extension may berj'n to show
through.

Take-up of space has been .
lower in many parts of the con- "
uibation in 19S2 than in pre-
vious years. Two to three years
ago. for example take-up in the:
centre of the conurbation ■ was
about 200.000 sq ft. but this was
down to some 160,000 to 180,000
of new or refurbished office
accommodation last year.

An increasingly critical factor
is the availability of car park-
ing, though this Is frequently
less of a problem in the subur-
ban centres than in the heart
of the conurbation.

Fillip

Manchester City Council's de-
rision to abandon its ban on
the provision of car parking
spacer finked to new office
development bas been a 'fillip'
to new office building and rent-
ing. Much of the accommoda-
tion available hi '.' the
conurbation's core, however, is
refurbished — with no available
car spaces — and much of It is
proving very awkward to shift.

There is an awful lot
of accommodation available,
though the amount of new
prime office space has been
shrinking; Bernard Thorpe’s
available property table for the
centre of the conurbation at the
beginning of this year Included

213.000 sq ft in new or rela-
tively new developments and

157.000 sq ft of major refur-
bished space, but some of this
has now gone.

,The former' includes the
11.400 sq ft of the New Queen's
Court most of the 112,000 sq ft
Henra House and about
40 1 000 . sq ft at Arndale House.

rJn w* T e of the cunurbn-
lion, developments in hand
include 14.00ft s n f X at Claren-
don House, Mosley Street, bv

4? «nJunetiot1

nn Sun Life Assurance of

Canada and Sibec Develop-
ments’ lfcOOO sq. ft at Hanover
House. Chajlottc Street, an in-
creasingly popular- area. There
is also : European Property
Corporation’s ; refurbishment —
Atrium oh Booth Street,

: Outside the central area, de-
velopments include the 26,500
sq ft . Enterprise House,
Stockport by Blade Construc-
tion and Orbit . Development's
28.000 sq ft scheme at Daw
Bank, r ''''v .

Sale bas a number of schemes
completed or under part offer
including Dares Estates 10,0®
sq tt block in Washway Road;
-and the 12,000 sq ft Springfield
House. ' ■ -3.

Bernard Thorpe says, the
“mass exodus “ from Hancbca- .
ter cily centre might iiow.hhve -
been halted, hut .warns that the
high Irvel of Manchester rates
may continue to encourage those
companies which' do- not.-specir
flcally. need a city centra
ilon to move out to. tfie.
suburbs.

Finally, still -in Manchester,
there ' have' been- a number af
significant lettings other than :
that of. Tootal at Kent ’Housed
National Westminster Bonk has
token 18.000 sq ft as the . first
tenant in Horan House, Albert. .
Square- and some" other • space-' '
in the new building is cither'
under offer, or has been taken
up.

The huge* amount of ofltre-
accom mods lion which was bti'lt
In the 18T0s as part of the Ami
dale shopping complex . — ihe"
biggest -undercover- shopping
area in Europe when It was.
first built — hoc always caused
an oversupply -problem foe.
Manchester city. Dunlop Hey-j
wood says though thaf it cotb"'
tinues to atlrnrt . tenants,
including London and Scottish -
vrtilch. has taken

Nick Garnett

rip'-:

■

fit.

: :n-

*

27

Financial Times Friday March 25 1983

OFFICE PROPERTY V

Optimism but a
mounting stock
of unlet space

Bristol

"YES, WE have had a disr
appointing u months, hat this
year we are much more opti-
mistic. Hie fact is that many of
the . 21-year leases .signed. . by
companies taking offices in
London in the 1960s are coming
In an end' about- now, and a
number are looking U> the West
to reduce their overheads.”

Recession or no recession,
leading Bristol agents Hartnell
Taylor Cook and- Lalonde Bros
and Parbam both remain un-
daunted by the city’s mounting
stock of unlet office space. The
same is true of a number of
developers.

At the latest count, there was
about 625,000 sq ft of empty-
space available and a further

500.000 sq ft under construc-
tion. Yet the takwip last year
amounted to no more : than

100.000 sq ft

Bristol has . known, difficult
times before. The collapse of
the early 1970s property, boom,
when Bristol benefited from the
arrival of ■ several major Insur-
ance and- hawking service
groups, left the city with over
lm sq ft of new ‘office space and
no takers, .

However, the sttnation gradu-
ally improved thanks not least
to an influx of -new technology
companies, and by the end of
the decade the market was
beginning to look very tight.

So far it has been an uphill
battle to attract tenants to even
the best of the. hew round of
developments. Standard Life's
Braadquay Bouse, a 77,000 sq ft
top quality building in the heart
of the city alongside the floating
harbour, has been available for
more than IS months. But let-
tings have been confined to two

floors.

Similarly, only three of 17
floors have been let in St
Martin’s 132,000 sq ft Castle-
mead tower buildings, another
well-located development close
to Bristol's main shopping area.

Even Bristol's by now well-
known Aztec West High Tech-
nology Park, on the northern
outskirts of the city, strategic-
ally located between the M4
and M5 motorways and near to
Bristol Parkway station, is prov-
ing much slower to develop
than its sponsors. Electricity
Supply Nominees, originally
hoped.

Although there have been
some lets .dozing the depths of
the recession, most recently to
Benson Electronics and Geac
Computers, more emphasis is
now being placed on its office
potential in an effort to speed
development

Amenities

To this end, plans have just
been finalised for a 40,000
sq ft speculative office building
on the site. Work will begin in
July; but it can be argued,
Aztec West so far still lacks
some of the amenities required
by a large office population —
notably lunchtime shopping
facilities.

On rents, the intensity of the
current recession has led to
some weakening over the pest
year in prices for accommoda-
tion in less favourable loca-
tions. In prime spots — both
dty centre and at Aztec West—
a new high of £6.50 a sq ft Has
been achieved and new projects
are looking for £7.

The underlying optimism in
tile Bristol office market is based -
on two arguments. One is that
a healthy market requires about

Plenty of inquiries
but few deals

Swindon

The newly-completed Castle Gate scheme. Some other
larger schemes in Bristol await a market upswing

10 per cent empty stock to be
available at any one time.
Bristol has an overall accom-
modation stock of some 10m
square feet, so that the new
spaoe either already built or in
the pipeline will only push 'up
the percentage of unlet space
to about 13-14 per cent.

Given a return to the long-
term average take-up of about
250.000 sq ft a year, the argu-
ment goes, the present sur-
plus should be absorbed without
too much difficulty.

The other argument is that
the conditions which led so
many companies with large
office requirements to move
from central London to Bristol
in the early 1970s, still bold
true. In Bristol, quality office
accommodation presently costs
at most £6JiO a square foot, plus
£4 in respect of rates and ser-
vices, giving a total accommo-
dation cost Of £10.50 a sq f L

Moreover, the rapid growth
of modem communications tech-
nology is further undermining
the logic of paying high London
rents and rates when so much
cheaper accommodation in an
amenable environment is avail-
able elsewhere. In Bristol's case,
London is less than two hours’
journey time, either by car via
the 114, or on British Rail's
regular high-speed 125 service.

These benefits apply to many
other centres outside London,

of course, but Bristol has a dis-
tinct edge. Apart from being a
major city in its own right, sur-
vey after survey has shown that
when it comes to possible Job
relocation, the West Country is
favoured by more people than
any other part of the country
as the place where they would
most i ; ke to live.

Against this background, a
number of significant specula-
tive developments are pressing
ahead. The most ambitious is
the 177,000 sq ft Espley-Tyas
development on Bond Street
immediately opposite the Broad-
mead Shopping Centre, which
is being funded by the Pru-
dential.

Work has also started on a
96.000 sq ft office development
on the King’s Cinema site in
Old Market — the builders are
Arunbridge — and on Co-
operative Insurance’s 65,000 sq
ft Brunei House development at
the foot of Park Street.

Among the developments just
completed is an 83,000 sq ft
development at Castle Gate for
Clerical, Medical and General
But a number of other larger
schemes, although arranged in
financial and architectural de-
tail await an improvement in
the market or a pre-letting
arrangement before moving to
the bricks and mortar stage.

Robin Reeves

THE development of office pro-
perty in Swindon over the next
few years has been spurred on.
by two main factors: the limited
availability of suitable sites in
central areas; and the generally
optimistic view of the town's
development potential.

Land which planning authori-
ties have earmarked for office
development, at least in the
short term, has attracted
institutions such as Commercial
Union, Sun Alliance, London
and Manchester Assurance, and
the . locally - based company
Ham bra Life.

It is estimated that office
projects now under way or
planned will add about 250X100
sq ft of office space to Swindon
by 1986, benefiting the town’s
industrial and commercial
development unit in its drive
to attract more office occupiers
from London.

One of the largest projects
being undertaken is the Hambro
Life-Taylor Woodrow develop-
ment on tiie old bus station site,
where phase one will provide

100.000 sq ft by the summer of
next year, with a further

150.000 sq ft to be built in later
phases.

According to local agents
Farrant and Wightman. there is
now up to 250,000 sq ft of space
currently available in the town,
much of it speculatively built
in smaller-sized units which
have not attracted immediate
takers.

Asking prices for smaller
offices are now £3.50 to £5 a
square foot while those between

5.000 and 20,000 sq ft are let-
ting at between £5 and £7 a
square foot and larger space
is available at around £7.50,
with a premium on top of that
for air-conditioned space.

Although a number of agents
report an increasing level of
inquiries and a number of

imminent lettings, there have
been very few significant deals
recently, at least since the
Jetting of two floors of Hol-
brook House last year to the
National Environmental Re-
search Council.

Another major development
in Swindon is the Newmarket
Street scheme on five acres of
land owned by Plessey in the
town centre, for which planning
permission for 230.000 square
feet has been granted and an
appeal to increase this to
200,000 square feet is now pend-
ing.

According to Fazrant and
Wightman, there is strong In-
terest in the development,
owing to the fact that there are
only two sites of this kind in
Swindon which would be suit-
able as a pre-let for a large
company wishing to move to the
town.

Campus sites

There are also a number of
important campus sites such as
Westlea Down and Interface 16,
owned by Bradleys, which offers
40 acres of fully serviced land,
while the St Martin's Property
development on 80 acres at
Windmill Hill is aiming at high-
quality office and industrial de-
velopments.

An additional 300,000 square
feet of space is available for
an owner occupier at the
council's Croft develoDment
site, which a number of com-
panies have seen and are show-
ing Interest in. “The inquiries
we are now getting are more
confident, with senior people
becoming involved, which is a
good sign," Farrant and Wight-
man say.

It is felt by most agents that
one substantia] letting in Swin-
don, such as the 50.000 square
feet prestige Swindon 125 de-
velopment being marketed by
J. P. Sturge at £8.50 a square
foot, would probably break the
log jam and lead to further
deals by companies faced with

-

I-V.’-V * S -v"/'* • ••’

.v •

‘ /

* . ’• *

• . -

f ' %i

I

IMPERIAL

BUILDINGS

Exchange Street East

LIVERPOOL

, • ■? A -JA.r-

■■w .• f ,.rf v

78 , 000 SQ.FT. TO LET

NewOffice Development

AVAILABLE NOW

in su tesfrora 3,100 sq.ft.

. ■ i-'. . ■# v -a ■ '

■ v. . "T.-r..- ' * v. * .*•: • . ' .** -»

■■ : r - : •• ;:w .

Jones Lang

i : iA

Public sector the driving force

Glasgow

M * llclar lakers of Developraest Space

■Mtwipw

Chartered Surveyors HJL&J. ROBINSON

01-493 6040 Ttelephone : 05 1-227 4611

^drecocxic^CadxFySriTvwppespic

Avon Fields
House

KEYNSHAM, BRISTOL

66 , 000 sq/ft

OP£!Cc SU' L.Di \'G : OGr “HER >ViT- oQO CAR $FAC=S
i.. F O 1 \ ST •* C ~~ i ON C: P COM V c B C ' A L U SE.

FREEHOLD FOR S ALE O R TO LET

□□?soB' ey Hartnell

□□

024-236 S236 t~3

Taylor Cook

0272-739061

SHAFTESBURY AVENUE WC2

Air^Conditionfid Luxury Offices To Let
• J 6,700-17,500 «q; ft

.Only £11.75 per sq ft

Taylor Rose

27 Albemarle St,’ Loudon W1X 3FA. Tel: 81-492 1607

THE OFFICE ' PROPERTY
market has helped to change .
the face of Glasgow. After
years of decline, first as a
centre for heavy industry and
then as a trading point for
North America. Glasgow is
making something of a come-
back as a service centre for
Scotland.

Hie motorway which once
ran like an axe blow through
the centre of the city, in the
past five years, has seen new
boUding growth in the
derelict land on either side
of the roadway.

The conscious effort to
move Glasgow's population
out of the city into the
surrounding new towns has
ended and the city feels much
less of a place to “get out
of”

Service industries are
mainly responsible for the
growth now taking place In
the office property sector
although clearly the recession
and the plight of heavy
industry In the Glasgow area
will be with the city for many
years to come.

The public sector has been
the main driving force in
office development with large
areas of space demanded by
JBritoii. the Ministry of
Defence and the Scottish
Development Agency.

From 1961 to 1971, accord-
ing to a survey by agents

Richard Ellis, 51 per cent of
the take-up for office develop-
ment space came from this
sector, while from 1980 to
1982 it accounted for 39 per
. cent of the market.

One problem with strong
public sector movements has
been, the distorting effect
which one big move can have
on the office market for a
medium-sized city.

The recent Britoll announce-
ment is a case in point. The
privatised part of BNOC
awarded Wlmpey Construc-
tion the management contract
for the construction of its
new headquarters in the city.

• At 490,000 sq ft, the new
hnllding will not only be one
of the largest office projects

in Scotland, bnt also account
for the equivalent of three
years of development take-up
in offiee space for Glasgow.

The new headquarters for
the oil company is one of the
monuments to new growth
around the motorway, which
forms the northern and
western part of the Glasgow
Ring Road.

The Richard Ellis survey
shows one of the greatest
Increases in demand for space
in Glasgow comes from the
professions, which now
account for 36,060 sq ft. per
year of development space
take-up.

Mr Gordon Milne, of Scot-
tish Metropolitan Property,
shares the view that the

service industry is the prin-
cipal feature of office
development

Richard Ellis notes that the
take-up has fallen off In late
1982 while speculative build-
ing has kept up its momen-
tum, suggesting a possible
surplus in a few years’ time.

Take-up throughout the
recession has been a healthy
151,800 sq ft over the past
three years compared with an
average of 147,000 sq ft a year
for the previous 19 years.

Over the coming three
years the agents expect the
take-up to keep to this 150,000
sq ft level, with about a third
of the development in the
central area.

DCI have been among the
most active developers In the
office space sector recently.
According to Mr Allan Camp-
bell Fraser, chairman of DCK,
the company attracted £2 6m
to Scotland in 1982 including
£12m funding for a 140,000 sq
ft office development In
Argvle Street. The develop-
ment includes nine shops and
a canopied walkway.

DO have also completed
work on 37.000 sq ft of offiee
accommodation on West
Regent Street where an offiee
complex has been built on to
a Victorian red brick facade.

Rents are unlikely to be
pushed too high with supply
keeping a strong margin
ahead of demand. They could
increase to £5 to £6 sq ft,
while some central prestige
blocks may fetch £7.

Mark Meredith

Offices seen as city’s hope

Birmingham

BIRMINGHAM’S cost-cutting.
Conservative-controlled city
council is likely to be fighting
for its political life in the
forthcoming May municipal
elections.

The slender majority
wrested from Labour 12
months ago is under threat
because one-third of the
council retires each year. But
tiie leading Tory politicians
have already thrown their
weight firmly behind a recent
officers’ report that the city
should develop “ its full
potential as a major office
centre.”

Office-based commerce Is
seen as M the greatest oppor-
tunity for increases in
employment in the West Mid-
lands over the next 10 years."
And In today’s depress.*?
markets Birmingham is the
major focus for what limited
development is taking place
throughout the region.

The city is stressing the
need to bring into use
currently uuder-used land and
buildings. Priority Is promised
for sites close to public trans-
port facilities, particularly
railway stations.

Officers m ainta in there Is
sufficient land potentially
available to cater for demand
for new floorspace for several
years. If demand warrants, a

supply exists of buildings
which could be refurbished or
redeveloped.

The council with the aim of
promoting new schemes in the
central area has Identified
some 35 sites likely to be
attractive because they
Involve either vacant land or
empty premises available for
early development.

Some or the rites already
enjoy planning approval for
offices and range from

Individual period build lags
suitable for refurbishment
through to land holdings on

whieh multi-storey blocks

could be built.

Not only does the council
promise ** favourable con-
sideration” of schemes for the
named sites but it also points
to ** many other locations
where office development

would be appropriate."

The fact the Conservative
a dminis tration’s cost-cutting
has made possible a cut in
rates for the forthcoming
financial year is seen as a
token of its commitment to
business development

But there has been no stint-
ing on capital spending:
money raised from the sale of
council housing and land is
being pumped baek into the
local economy.

The Conservatives have
taken up the Labour initiative
to try to establish Bir min g h a m
as a centre for the inter-

national convention business.
Current studies will clearly
point to a five to 19-year pro-
gramme but wifl nevertheless
have important consequences
for the office sector.

The Broad Street area, at
present struggling bnt provid-
ing the important link
between the city centre and
the Edgbaston offices district,
la crucial to the plans for a
convention centre- ' Office
development sites have
already been pinpointed by
the dty council.

Accelerate

Of more immediate concern
is the potential fillip provided
by the Government's scheme
for urban development grants
aimed at accelerating projects
such . as completion of
Birmingham’s Paradise Circus
complex. The 2.7-acre site
close to the heart of the city
has remained undeveloped for
eigbt years.

Henry Boot (Developments)
was given planning consent
towards the end of last year
for nearly 230.000 sq ft of
offices as part of a scheme for
a new hotel, restaurants, and
extensions to the present
school of music.

Total building time for the
project would be about four
years, but the timing of the
office content Is obviously the
issue that excites the interest
of developers.

Work has already started on

the redevelopment of the
Snow H1U Station rite in the
city centre. The first phase
will be 66,000 sq ft of offices
though the B$-acre site could
accommodate upwards of

250.000 sq ft of buildings.

Of the major new schemes
under way, the first to be
completed, this mouth, was
Berwick House, a 63,000 sq ft
block by Ulster Properties.
The agents maintain there Is
a shortage of such high-
quality accommodation and
are confident they will
achieve rents of “at least
£6.50 a sq ft."

Almost ready for occupa-
tion is Civic House, with

80.000 sq ft where rents
nearer to £7 are likely to be
sought The next big scheme
to reach the market will be a

60.000 sq ft block by Embassy
Developments, while work is
well advanced by Tarmac on
its 120,000 sq ft building near
to Victoria Square..

Outside the central area in
Edgbaston, the market re-
mains slow. In a district
whieh suffered from over-
supply in the boom years of
the 1970s.

Solihull continues to
develop as a significant office
centre, with several small
schemes under way. BL,
because .of its cuts, currently
has two large blocks on the
market totalling 138,000 sq ft.

Arthur Smith

a wide range of options.

Mr Simon Bitxnead of J. P.
Sturge said that he was await-
ing decisions on a number of
very strong inquiries, adding
that the level of interest this
year was probably 100 per cent
up on 1982. However, he ques-
tioned the estimate that as
much as 150.000 square feet of
spaee was available now. and
suggested that it was probably
below 200.000 square feet.

Mr Peter Barefoot of agents
Gibson Eley said he believed
the key to office development
in Swindon was the degree of
success the town authorities
were likely to have in changing
the local employment structure
from one of mainly industrial
activity to administration.

He said that the planning
authorities had earmarked
limited areas of land for office
development, and that these
limits had encouraged institu-
tions to acquire the land while
it was still available, with the
result that development was
going ahead of demand.

It appears that the take-up
of space in bwindon in the next
few years will depend to some
extent on the response from
London to the exodus of office
occupiers to cheaper accommo-
dation in the provinces.

If rentals in London fall and
the advantage of Swindon and
other centres is eroded, it could
be some time before the space
now being developed is taken
up. However, Swindon enjoys
the advantage of having gener-
ally lower rents than many of
its provincial competitors, par-
ticularly those along the M4
western corridor.

Lome Barling

Make a Great Saving
by Relocating at

Wells House

SUTTON

5250-15630sqft

New PrestigeOffices
io Let

£8 50 per sq ft

p.a. including parking'
Phone for brochure

Gooch £
Wagstaff *

Chj-i.r.JJ-.firo-t

4 A.b S' L sruiun WIX "Kf*
Tele* CV1S24

01*629 8814

Introducing Ager.ts Rftcoyi

PROVINCIAL

OFFICE

BUILDINGS

TO

LET

BOURNEMOUTH

83,500 sq. ft.

New development,
ready mid 1984,

ample parking.

BRENTFORD

72,000 sq. ft.

New air-conditioned
development, available
May 1983, parking tor
150 cars.

BRISTOL

31 ,450 sq. ft.

New/renovated properly
in Queen Square.
Immediately available.

CANTERBURY

1 , 000 /

5,000 sq. ft.

Modem space, with
parking. Immediately
available.

CHICHESTER

3,700/
16, 300 sq. ft.

New building,
immediately available.
Parking lor 57 cars.

HOUNSLOW

89,000 sq. ft.

Air-conditioned. Rear'
August 1983. Parking
140 cars.

RICHMOND

28,000 sq. ft.

New, air-conditioned.
Immediately available.
Parking for 34 cars.

SEVEN0AKS

21 ,800 sq.ft.

New, with parking for 62
cars. Ready May 1983.

WINCHESTER

5,900 sq. ft.

New, ready May 1983.
. (Ref. RGB)

llUK-XXI .) ■'! H'. f.Y"K>

01-236 4040

BERKELEY
SQUARE
TOUSE

Air Conditioned Offices
from

4500 sq.ff.

up to

85000 sq.ft.

approximately
For Inspection:

Letting Office On Site 01 409 3254

Jones Lang

Chartered Surveyors

tBU xrt aw 8 Sc. James’* Pbce London SW1A IPO

London WW6*S 044936040 Telephone 01-493 4121

CITY CENTRE
EXCITING OPPORTUNITY
FOR COMMERCIAL OR
LEISURE DEVELOPMENT

Former Concourse - Approx 10,000
sq.ft. Direct access from City Square.

Available on long lease. For further
details please contact:- .

F*roperty

Hudson House. Toft Green.
YuL let ( 0904 ) 53022
Ext 3822 .

A

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TRADED OPTIONS

EUROPEAN OPTIONS EXCHANGE

Juno Sent. Deo.

Serlos Vol. Lost Vol. Last ( VoL Loot Stock

DfFL C

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F.260

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F.365

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AUS-

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GOLD C

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8416.5s

GOLD C

3400

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35

<

GOLD C

6475

47

6.90

30

18

3

30

GOLD C

8500

82

4.60

20

9

42

20

GOLD C

8550

59

: 1.10 ,

11

6.30

48

10.50

•

COLD P

6373

5

7

—

—

—

1 —

GOLD P

B400-

52

18 i

12

81

—

—

GOLD P

8425

25

21 ;

b

29

—

GOLD P

8450

60

i 39 ,

—

—

2

45

GOLD P

6475

2

61 .

—

—

, 2

61

If

GOLD P

8600

—

, — ;

2

. 86

—

131< NL

Bl 8791

C

F.135

IBS

0.70 B,

_

20

i 3.80

F. 134.20

C

F.140

40

0.10 I

—

—

2

uo

lUt NL

82 88 92

C

F.l 15-

aa

. 1.90 ,

_

—

—

F.116.4Q

C

F.l 17.50

40

> 0.60

—

—

—

■ —

i.

71, NL 88 89 93

C

F.l 02. 50

126

0.80

—

—

390

1.60

F.l 00.60

71s ML

63 07-30

C

F.lOO

185

a.eoB

—

—

—

—

F.lOO. 10

April

July

OCL

AKZO C

F.40

60

17 ,

—

—

F.36.90

AKZO C

F.48

104

13.50

89

12.50

27

12.50

AKZO C

F.bO

133

1 7.30

117

9.5Q

121

ia

AKZO C

F.BS

154

, 3.60

112

' 7

■ 27

7.50

AKZO C

F.OO

188

1.60 >

449

3-80

137

5.2Q

1

AKZO P

F.50

—

—

lbfa

1.60

—

— .

AKZO P

F.66

—

31

8

—

_

m

AMRO C

F.4S

—

1

40

12

—

_

F. 87.50

AMRO C

F.50

89

7.30 1

SO

7.80

■ —

AMRO C

F.S5

23

■ 3.40 .

—

—

99

8

GIST P
HEIN C
HEIN C
HOOG C
HOOG C
HOOG O
HOOG C
HOOG P
KLM C
KLM C
NUN P
KLM P

KLM P
NEDL C
NEDL C
PHIL C
BHIL a
PHIL C
PHIL C
PHIL C
PHIL C
PHIL P
PHIL P
PHIL P

F.140 - | — . 55 . 6.50

F.120 26 7.50 B - . -

F.130 75 ! 8.GO | 154 6.50

F.17.50 42 6.50 B 123 ! 7

F.90 45 I 4.20 . 107 . 6

F^S.SO. 72 , 2.30 - . -

F-36, 41 . 1.10 58 5

F.22.50 30 I 0.30 • — —

F.180 28 • 820 - ‘ —

F.l TO 249 4 A - —

P.160 37 ■ 1 - 1 -

F.16G. 89 • 2.80 - —

— j — P.lft.SO
27 i '7 Fjs^20

— j — F. 16620
I M

F.170
F.lOO,
F.llO
F. 27.50
FM

F^a.so

F.35.

F.40

F.4S

F25

F.40

FA&

* 37 3.50 . — - '

8 24 .17.50 - - - I

■ 335 . 15 ' 66 14.60 B

221 • 12 ■ 145 12.50 :

,1069 1 9.50 • 438 11X30 A

1 8145 5.70 . 417 7.20

<1379 - 3.30 1022 '420 ■

• S3 0.60 10 i 1.10 ■

267 ; 1.80 i 101 • 2.10

.176 3.40 - - ■

F.90 61 16,

F.lOO'. 1364 6.80

F.llO 1001 1.90

F.90. 115 ' 0.10
F.lOO. 520 0.70

F.llO 73 520

F.2O0 209 18.60

F280 314 8

16 A 107 ' 16.50, - - ,F. 105.40

.80 404 8.70 A 77 11 <

689 . 420
29 , 12a
156 ’ 320
38 . 9.50
14 . 21

99 . 14

37 4

BASF C
SI EM C
3) EM C

May

DM.180 - — 23

DM280 35 46.50 —

OM300 - 31

319 5.90

70 Z

15 6 1 Z

1 12 A

42 8420BF219
131 16

— DM145.45

- OMK8.KJ

TOTAL VOLUME IN CONTRACTS 27,759

A-Aafced ' B=Bid C=CaJI

A IINANCIALTIMFS SURVEY

GOLD

APRIL 14 1983

Introduction Hie Gold market
prospects for Gold price movements
in the year ahead, etc.

Gold In the World Monetary System
Futures markets

London bullion brokers

Production

Demand

Coins

Mining shares

For further information and advertisement rates please contact:

David Deed

Financial Times, Bracken Rouse
10 Cannon Street, London EC4P 4BY

Tel: 01-24# 8000 ext 3461 Telex: 885033 HNTIM G

LONDON TRADED OPTIONS

CALLS. PUTS

April I July I Oct. I April I July I Oct.

Op tion

5HL (USP444)

i4kui ..... nil o

l | Apr, j Jul. .Cotl I Apr, J JuL j OcL

BP -USP 815.

1 -

46 I 6 14

24 I 20 28

1 44 48

28 .

34 I Option

BBL (USP 460i

58 66

26 I 48
6 ( 16

CALLS

May

74 I llg

50 I 5

26 1 »

CTD i.USP 91 1 I 70

.... I 80

CUA-USP 127, i 120

GEC ‘USP 304.

42 Ug

- 6

25

- 20
17

38

1
1
1
a
8

17 I 31
10 1

IMP (USP 108i

LMO (USP 224,

LNR (USP 83,

35
26
16

10 I 18
5 1
5

I Cl ,USP 400,

LS .USP 315,

MAS -USP 195.

1
2

7 I 18
24 30

1 —

1 s

2 5

s 10

19 84

”

3 6

9 J 15
27
47

RCL i USP 417i

RTZ (USP 528)

FI NANCI AL TIMES

operates a subscription hand delivery service in the business centres of the following major cities

AMSTSPftM.BOMBAY , BOI>|.BOSTOI|.WUSSSS.CWCASO.COPeiHABei*PUSSaPORF , 8HOHCWB,.RIilM(B Bn > . en««^ .Tii. ..r..

HOWS KWG-H0US7tW.gTAIiafl..a««KrA-KUALA LUMPUa-USBOH-LOS AW6ELES.U«M M.|,|UU»ffi- MJUI,a. Mcviwi ». i L-L.;.

MUMCH-^YICT-PAre.p«nt|.BimBai«M.SAIim»IICISa|.S»l6AP0HE.STIICKM^.SnmB«in-.T11r m.Train«m..m m ^.. ^ r ^^l.J.—

For information coman: C. T. Darner, ®00 Frankfurt am Main. W. (kramny ;

or Laurence Alien, Financial Times, 75 Rockefeller Plaza New York N Y lflfttQ • * -

Tel: (212) 4898m Telex: 238 409 FTOLUl ’ N,Y * 10019 * .

i

f

l

Financial Tiroes Friday March 25 1983

INTERNATIONAL CAPITAL MARKETS

SUPERDRUG STORES PLC

Australian bank breaks the ice I ^ international bond service

Notice is hereby given of the appointment
of Barclays Bank PLC as Registrar.

Correspondence regarding the share register
and documents for registration should in future
be sent to the address below.

RALPH GOLDSTEIN
DIRECTOR & SECRETARY.

Barclays Bank PLC,
Registration Department,
RadbrokeHall,
Knutsford, Cheshire,
WA169EU.
Telephone 0565 3888.

BY MARY ANN SIEGHART IN LONDON

THE FIRST new Eurodollar bond tinnai
tor over a week arrived in the mar- Eurol
ket yesterday from National Aus- in
tralia Bank. The S50m seven-year year !
issue carries a tap for an additional given
$50m at a later date and has a cou- price
pan of Utf per cent at a price of par. the d
The deal, which involves an inter- price
est-rate swap, is being led by Credit discoi
Suisse-First Boston. It is the first fcrve s
bond from an Australian bank in the A

Eurodollar market Yesterday it cent
was trailing at a, pre-market dis- The
countaf about 1% points. rose t

CSFB's SlOOm. seven-year, 11 per New ’
cent Bank of Tokyo issue is being Pth
increased to 5125m. Its discount sign r
yesterday was around IK points. of the
The dollar secondary market was The
very quiet yet again, with prices be- bond
ing marked up by about K point In- Y20bi
vestors seemed to be waiting for the liketl

results of yesterday’s US. Treasury r—

auction before showing any buying \ -~gx
interest

The long-rumoured Ecu bond is- yfeJ!
sue from Credit National finally
materialised yesterday as a Ecu pQI
50m (S46m) 10-year, open-priced is-
sue witii an indicated coupon of 12 ‘A “

percent |°

It has a put option after eight

years, and the Lead managers are

Credit Lyonnais, Kredietbank (Lux- MD

embourg) and Banque Nation ale de 112
Paris. It comes at the same time as ,y 4
a Ecu 150m loan from Credit Na- ’ 1

ti nnal which will be convertible into
Eurobonds.

In the D-mark sector, the ten-
year DU 150m Euratom bond was
given a coupon of 7ta per cent at a
price of 99 by Dresdner Bank. When
the d pa| came out on Monday, a
price of par was expected, so the
discount is an indication of the rela-
tive sogginess of the German mar-
ket. At a price of B9, it yields 7.5 per
cent

The D-mark secondary market
rose about K point yesterday as the
New York market firmed up.

Prices of seasoned Swiss bonds
also rose slightly while mopping up
of the latest new issues continued.

The pricing of Austria's Samurai
bond was delayed yesterday. The
Y20bn, 10-year issue is expected,
like the recent Sweden deal, to car-

ry an 8.3 per cent coupon. The lead-
manager will be Daiwa Securities.

• France's state-owned power utili-
ty, Dectririte de France (EDF). Witt
borrow more than FFr 30bn
(S4.14bn) on the domestic and inter-
national capital markets this year,
M Marcel Boiteux, the president,
said

He said EDFs debt stood at FFr
ISObn at the end of last year, of
which FFr 60 bn was in foreign cur-
rencies.

The utility has accumulated
losses totalling FFr 17bn, chiefly be-
cause of "the reluctance of succes-
sive French governments to allow ;
EDF to raise its tariffs 'sufficiently
to cover costs.”

M Boiteux said EDFs 1983 op- <
era ting accounts would remain in
the red.

The list shows the 200 latest international bond issues for which an adequate jBCODdcyiB arttet w efct*. For
further details of these or other bonds see the complete list of Eurobond pnces published on the second Monday

of each month. The following are closing prices for March 34-

ISSUES

EQUITIES

1982.3

Ell3»S 1 '

!< a x High Law

5-j; + Or. a

So — *

O

0 .||s>2a

F.P^13^

■oxHe/fl

Tbt-te imriKc* *w. Jnj; horn snlfj
|h.* 1 , innnitift^ii-Fif jppnart Miojnrrn’ 'rcfwfnnfu

F.P, —
P.P. 2i:i
PJ»..15.4
■F.PJ B(4

ip.p!; 4 3
■P.PJ Til
P.P. ! 4-2
P.P-5 -
K.P.- -
P.P. 25/5
PJ». -
P.P. 11 >B
P.P. 30. 3
P.P. 18/2
;P.P. 3.3

(132 * Airship Inds 132,

129 Asooc. British Port* 154

■ 98 Atl'tc M'trp'n U.S.0.I0 98

105 ^Ci iwb i m oor U"|

'200 5-Graing or Trust. 200/
Bfl -*HB Elect Comps 10p 98

305 ,*J«Mlcrogon 320.

108 <£-Munford & White. 205)
145 £ Resource Tech. 1 Op i77j
85 I -5 Sinclair -Wri.i . ... S3.

, 77 i Do. Defd.... 75l
2S3 -Supvrdrug Stores lOp.2681
I 98 . *Bwiiuton PnvHoeri, 90,
22 4-TftleServicealntlOp 25%
89 -£>Utd. Packaging lOp.l 13

OlLK ^K.Ur.^.l.trAllntan Olfln'9Rn..

til JO 1.5f 6.5 14.6
QSc >0.6 5.S32.B
n3.S4i 2.0 5.S 15. fl |
115.8 2.5 2.7 19.1
uL.12 3 JZ 1.629.0 j
C/4.0 2.9- 1.6 29.3
b2.6 2.4. 1.8 32.1 ,
.. I _ - JASJ \

MS 5/ 1.0 7 J 19.7 i

bd3.& 2.4. l.B 31.6

265 -*WightCollin»R SlOp'ZBOi-
20 Yorks *Lanc*.WrTi»t» Zl( -

DOS a.3 1.1 3B.0 !

62.5 3.2: 3 J! 12.0
002.75 3.5' 1.4 SIS

FIXED INTEREST STOCKS

8S.O0UAR

srouotre

Am 0/S fin l«U> SB

Ann Bp* 13 BS -

BHPfinwte* I4*#B9

Snub Col Hyd 1 5V» 92

Canada 1«*» 87 -

Canadair Ltd 12Vi BS.

Canadian Mw II V* BO —

CmPacUd 1445 92.-

CmPbcSce 1589

Oacnqi 0/S 1 5 84/92

Cbm CM tat 94% 92

Coca OH* HI IV* 89

Daft Sana IDW 89

Oraxcfcg Bk fia I4W» 89.

Da Pmn llta 95

On Pm 141a 89 WW

E.UC. lffta 88

E.O.F. 1Zta87

E.E.C. llta 55

ECtt I! 91

E.I.B. 15Vi 92 - -

Em On CB(p 1 1% 87

Fnnnb I3V» 92 ......

Garda Franca I2ta93

Gm Elac Craft 8ta 91

Gan Bee Craft 12 88

MAC 0/S Fin lOta 90

GMAC 0/S Fin 15 87

Get 06 Fm 121*87

IBM Wort) Trad# I2ta 92--.,

UaidsEm 1 1 Vi 94

UaBhabaPm itta 89

Mmftfta FMa 13% 89

MUand Im fin II Mr 92

Mat Waal Fin 1 14k 92

New Bt anw anH ISta 87

BawfamUaad 15ta 90

Mppoo Craft llta 93

Hm Scotia ftv I5ta 89

Ontano ItpJiB 1 1 ■A 88

OnurN Hydra 12V* 92

Oram Hydra 15 92

Pradandal 0/S 1IM 93

Pnahmtal Q/$ 12V« 81

Qoatttc Hydra HW 920

H.X RaynoUt 12 3 * 88

SartaKkama Pr IWk 80

Stand EmUI 11*4 88

S.H.C.F. 1 1 V> 83

Shad Eap 0*6(74* 98

Sana BkCaty 10V« S)

Texan Capital S3h 90

U.B3. 11 89

Wall Iteaay Pm 12Ui 89

Wgrtd Bank 10*li 88

WWd Bank lOTt 93

World Bank 11 Vk 98

Aa. pdce cka

tarad BM Oft-

75 lIZVx
200 105 105V|
150 108ta I09ta
150 1 IT* t I17to

750 110>* Utah
17$ 104'.) 105

50t 10(iv« iBOU

75 nova nm

75 110 111

100 104*4 H5Va

700 2«ta 25V«
100 104*-# IB’.I

100 1004k IDOVh

300 IIBta 110A#
150 1B1*k 1021k

200 1073* fOSVi

100 nu IWh

150 1034k 1031k

200 9* 99«ft

125 SWk SM

100 11395 114%

too 1B2VI
75 1l»k 19Stk
175 194# 20ife

100 I4W» ISta

100 107 197Vx

■74k WA
109 108*4

103V# 104U
109 Vi fOHk
\Vf* tav#
102% 10215

100 10945 10815

IStalflOV#
101V# 101 Vt
1114k 1111k
1134k 173%
17V# 974k
113V# 113V#
1«2%k 1«3V»
IKVt 18SV#
11SW# 11CV#
SSV# 100V#
108V* tOSIk
190% 101

„ 100 104% 10545

9915 fMk
m 10914
180 100%
•4V# 95V*
1B2V# 1B3Va
193 Hi 10Mk
UV« MV#
07V# UV«
•8 *8 Vi

m day +V*. on i

d>r «—k
■ 81a -P-i
*0V« 0

«4*k 0
<0*1 0
*0Y«

a -ov#

*OVa 9

•ova -oik

•Hi . Ota

-Ota o

8 *Hta

o -ov.
0 -Ota
-fta -«ta
O ,0ta
fBV* -OV#
0 0
-Ota -Ota
*-Bta 0
•avt

-ovi -Ota

o o

-Ota -Ota
0 0
-Ota •‘Ota
*-8V# «0V#
-Ota ‘01k
*Ota +0ta
‘Bta -OV»

o -Ota
o -Ota
■Ota -Ota

9 -Bta
0 -Ota
0 0

+flta 0
‘Ota -Ota
>•915 tBV#
+OV« -Ota
8 -Ota
■#Bta -OVt
0 -Ota
tBta +0ta
0 0
‘Ota ♦Ota
0 0
‘Ota I
o -Ota
‘Ota ‘Ota
>dta ‘Sta
‘Ota tOta
‘8\k 0

‘Ota -Ota
0 ‘Ota
+Uta «0ta
‘Ota ‘Ota

‘Ota -ov#

Japan Aulam Tta 87

Near Zaaland Ota 87

W4rUte*8^i 92

st umoita • » • 7 a

15 WltalBSta >0ta «. 755

a to n* ff o m

iMd#t>taiawAI

OTHER STRAIGHTS

Cm lintaaa 1701 CO

Fm Craft 1?ta 83 CS -

Garda Fraaca 15 89 CS

Gw IMra I4ta $2 CS

Neumann 12W93CG

Ita*ac»y*»l492CS -
Sarad Exp 01 12 V* 80 CS .— .

EEC. 11ta33ECU

EM Korea llta fflKU

AedasSta 87 R

Atom# TVj 88 fl . -

Nadntand Gas 7ta 88 R

Nadar RWkk 9ta B7 R

OnbaePtwIViOOn

HkrW Bank 7 89 R . — -

0X.B. 1486 R

Sotaylbi14taMTF -

B.FC.E HW87 8

tECA13**88t..

CBT.12taMe_

eej: iitaoie. —

F«toM12ta88£

FraM* Drain I2ta 82 £. —

Gan Elac Chi2Vr 80 £

Hiram WMai l«k BG t
Han 08 fin 1 lta 88 E-- — .

N«>ck Hydra 12 80 C

Norsk Hydra Mta 87 £

Quebec 7401 89 £

S.O.R. fiance 15Vt 02 C. —

S.M.C.F. MtaDf

Teamen bn 14ta 87 £

VMratd Bank llta 91 £ — ...

Earattra 11 83U*fi —

Enropm 12 Vj 32ltt*

113 1M
ISUtUB
IMta t08«*
1U«# IWta
•Jta «ta
IN

MOV# tteta
cata am
wta «ta
ie«ta iBSta
189 IMta

ioota laota

IMta I VB
•lta »ta
Mta sota
«7ta «ta

n*i Mta
107 ttl
MftalMta
tOSta 101 'A
Mta M
llJVa «3V*
23V# Mta
fOdta Wta
MS 109
Mta Mta
27ta JTta
107** TOSta
IKta IMta
IBSta IMta
Mta 15V#
IMta M7ta
25ta Mta
t«2ta UOta
IDtaJMta

'T"S*

0 •

8 »

■ a

-JO ' -OM#

, 0- : -Ota.

i9 . *ota :

0 8

0 tOta
#8ta 'Ota
- f. y-

‘Ou. ‘Ota
O *Bta

■ Ota

a o

0. ‘Ota
fl >lta
-Ota Ota

-BA* *0Vm

‘Ota fl
.lta ‘lta
•Ota ‘Ota
a ..-Ota
‘Ota 'Mk
i Bta ' *ta

• Ota I

0 Ota
•Ota ‘Ota
•Ota -Ota

• Ota Ota
.-Ota Ota
‘Ota B
‘Ota m

flta ‘Ota
t»v» tOta

U5.S75, 000,000

Isius • §3 'S |a> 2992.3 |

price , o-c S .^% 1 1

* ' E"3 4«V| 1

, < “ i K High .Law ■

ol +° r

a a i

DEBTSCHE MAH
STRAIGHTS

Aerapan Praia 8V# 82

An&afia Sta 93

Aemka7ta82

Bank of Tftya 7V# 90

Baynr Capni Tta BS

EAB FINANCE N.V.

(Incorporated 1 1 hh limited hjbilily in the Xcthortjndi A niillc*)

Guaranteed Floating Rate Notes Due 1990

Guaranteed on a subordinated basis as to payment of principal and interest by

99.431 ' £20 10/4 • 21»a 12 Birminghmrw llVr* Rod. ^2012. :
*100 £10 ' 9/6 10 s # 10*4 E.Wo<veatar«hiraW«zer 7%Rd. Prf.1990

■■3 F.P. Bl/S 224p 164p Elootro-Pri«*gw«7SCin».Prf.

18 £25 30/6 ‘ 2519 241# Hambros Inv. fl-17| Stpd. Dab. 2018

__ * _ • _ loose 99 ;»UUonwMl«Bdg.8oc. lUaHHd*. *8/1/84

_ _ 1 - .10078 100 : Do. ll/fit Bda. 1S.2.-M.

_ ■ _ • - loo,: ioo do. nu^Bd*. 1 RSM-

497.174 £25 ' 6/5 • SOIb 22 Paaraon IS) 13* If - 1 !°?L=

*100 CIO . 9/8 , 12 .• 12 Sutton DinLWatar 7* Pr*f. 1988..—^

16S« —

10*4

164p -4
25 >« ‘I#
lOOSei

1001*

29i#-‘i#
12 i —

Cibia Mac Email 8 S3 100

Cabs* Mai Tab nk 93 200

Caba Nat TV* TV# 33

E.C.S.C 7ta93

E.E.C. 7V. 35

EJX.884

EnroSm 7ta 91

_ I Framw Daib 8ta 88 150

GouUlalFnBta 80

HJ_ Haku bn Bta 88

bit-Ara On Bk 8V# 93

Inland BV) 90

Intanrilta 91 - 150

European American Bancorp

flncorporafodvviTh limited lability in Sow Rirfc. U i.47

“ RIGHTS” *

OFFERS

j|g:

Usual a -a '

Latest

Ranunc.

19823

Stock

t

1 ?•

.+ «-

** , *< a. .

• ■

, High : Low

1 5

■

ITT Anflai 7 S3

IbOaukh fin 7ta 92

Mftra O.S.K. 7V« M

Mourn Isn Fin 7*k 90 100

Quebec Hydro 8 93 200

Seradcn KtaQdoffl 8Vi 88 150

Vdtknagaa bn 7V# 93 200

Wtarid Bank TV* 93 200

fcr. pika drangnts on

I BU Oflra
lOOVk IDIta
Mta Mta
IMta IMta

Mta uota

1B3V# 1D4ta
10 8% 101 ta
Mta Mta
Mta 99ta
IMta IMta
IMta 181ta
180V# lOlta

101 ta 102ta
1D2ta 103V#

Wta IMta
IMta 101V#
lOlta 102V*
IBZta 103 VS
Mta Mta
lOlta 101*1
Mta 99
97ta Mta

102 ID2ta
lOZta 102 ta

37*. 98ta
Mta 9«ta
day ‘ta, on M

day maak
‘Ota -Ota

‘Ota -Ota
‘Ota -*V»
8 -Ota
‘Ota ‘Ota
‘Ota 0
‘Bta -Ota
‘Ota -Ota
‘Bta 0
8 -Ota
‘Ota 0
+1ta ‘IV#
•Ota +Bta
‘Ota ‘Ota
•OV# -Bta
‘Ota ‘Ota
•Bta -Bta
‘Ota -ota
-Ota ‘Ota
‘Ota -Bta
-Ota ‘BV#
8 -Ota
*ov» -flta
•Ota ‘Ota
-Ota 8
■kfl

FUQATMG RATE

NOTES

Bank tl Takyn Sta 91 0B —

&F CL 5V« 88 -

B.F CE. 5tt 87..-

Csua HatTda5v# 90 —

Draw# bta 92-

DmwINTStaMrt -

Craft Agrcalc SU# 97

Craft do Hard GU 82 — _

Dadd byOBmii5V« 97

CradA lyoaab 5ta 94 „ — -

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W * 9.94
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European Banking Company -CreditSuisse -Erst Boston Deutscbe Bank

Liminyi Limited Aldiengewllschafc

Amro Internationa}

Limited

Credftanstalt-Bankverein

Lehman Brothers Kuhn Loeb

IniwrwliDnal, Inc.

Merrill Lynch International & Co.

Samuel Montagu & Co.

Limiicd

Salomon Brothers Internationa]

Societe Gen£rale

Societe Genera! e de Banque 5 A

250 , P.P.

73 Nil
UD140 I P.P.
2B0 : PJ».
stt Nil
11 i Nil
10 ! Nil
155 : Nil
73 ; r.P.
383 I Nil
102 ! Nil
163 ; P.P.
90 PJ».
30 ! Nil
140 • Nil

26 : P.P.

27 • F.P.
AS1J0 Nil
fiOcta P.P.

58 P.P.
400 : F.P.
SI ! Nil

3fi ra 28/4
•12-* 15 5
2S/3 15/4
26/3 25.4
' 4/3 28 IS
i — 19/4

, 7/3 15/3

. tTs 2975

11-3 10-6
21-2 7.4

'28/3 6/5
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275 AGB Ronearch lOq •

i 17pm ■j.Aiacom In*. lOp —J

73 ^Airotlip lads.

: 225 Applied Computer :

i Spm Auoittfronic'Ztsp

1 pm * Barlcalevdi Hay Hilt Inv* lOp-

l'spm Biuemol Bra#.. — --

i 20pm Brit. Car Auction* lOp <

85 Dominion Int. BOp. —

1 137pm Fisonn £1

11pm ■&Carfunkels lOp-, >

168 Geers Gras* lOp

130 Grpcvonor Group

i 10pm Guinness Peat. ,

40pm Magnet & Southern*

25 Mettoy

32 Mount Char lotto lOp

350 '

91pm

134 • . —
390 ......

14pm

lpm- —

2pm;

SWISS FOAM
STRAIGHTS

Amencaa Ecpreix Bta 93.
teai D.R 5ta 35

Inoad I5d Offer
IDO S7ta B8
100 Mta Mta

day-waft
0 -OVI.
‘flta ‘flta

29 pm" — 5

11 * -
; 8:2 29/4
• 4,8 22/4
28/3 6:6

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33 Rand Lon. Carp. 7 Set*

61 Status lOp 1

426 Ultramar

21 pm Valor

145pm „...

14pm

168 -1
156 . _....
11pm —I
42pm -7

26

35ts — te

89pm

32

15

505 ,

21pm -1

Standard Chartered Merchant Bank

Limited

2-fifi March 1983

Ranuncfaikm date usually last day tor dealing fraa of stamp doty. 0 Figures
based on prospectus estimates, d Dividend rate paid or payable on pert Of
cap/tsL cover based on dividend on lull capital. P Assumed dividend and
yield, s Forecast dividend: cover based on previous year' a namings. H Dividend
and yield based on proipecius or other official estimates lor 1983. Q Gross.
• Cover allows lor conversion ol shares not now ranking for dividend or ranking
only (or restricted dividends. 5 Placing price, P Pence unless otherwise
indicated. 4 issued by tender. H Offered to holders ol ordinary shares as a
” rights." ** /a su ad by way of eapltalloatlen. 55 Reintroduced. M Issued in
connection with reorganisation merger or take-over. UK Introduction. [~| Issued
to former preference holders. ■ Allotment Isnera (or (ully-paid). • Provisional
or partly-paid allotment letters. * With warrants. 11 Dealings under special
Rule. Unlisted Securtiiss Market. 47 London Listing. * Effective Issue price
alter scrip, t Formerly dealt 'm underspecial rule.

BwoMf hu Ho89Z,-

100

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uota o

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t Doff ana natal raakra iqflM a pnee.

Straight Beetfs: tat yiaM to nftNpHe of fta Mtprica: As aoteuol ttmd is
at (Mass of curmcy sate moRl hr Vat Uft* aftn It 8 in Warns
Chap os waft -Chang* mat prica a waft aralar.. .

«lng Mta Nate DaraftaaB ia Bftras rafta daw Meant Cm-
pa ahows b nkaoiBa. C Ma > Daw m caupa baonras affaesra. Syria

• Mania ahew tR-assft aftraafl na# {ft .8m nM. I shan mas rah)
Ira U.S. ftBara. Cepe. - carrot mass Q». yU - caataM yaM.

QaraaatMi Nate OranatiaaM hi ftflras rarihta aflknftl Mcm 8 Chg flay

- Qianpa n day, Div. dm - Fhra dal* fas axnantan ba> itan Or pnes

- Konmil aewas of herd par atari egmxsal a# canwr of War* ■ cw-
wnba ran Oxid at hbos Fan - PNcanga pawra el Aa csnaM iftac-
*• pria rf ecgaUng ftaraa ait flw hand m 8a netr raeaw pnot of dtr
tana.

hy OATASTREW I

All of these securities (urz-e been sold. This announcement appears as a mailer of record only.

NEW ISSUE

March 16. 198.1

Dillingham Corporation

$125,000,000

Houston Lighting & Power Company

has become a privately owned company
through a merger with a newly formed corporation
owned by

First Mortgage Bonds, 12%% Series doe March 15, 2013

Kohlbeig, Kravis, Roberts & Co.

and other investors, including management members
of Dillingham Corporation.

Kidder, Peabody & Co.

Dean Witter Reynolds Inc.

Bear, Stearns & Ca Blyth Eastman Paine Webber Alex. Brown & Sons Dillon, Read & Ca Inc.

la.«|H.atl<

Donaldson, Lnfkin & Jearette Drexel B nrnham Lambert Goldman, Sachs & Co. E.F. Hutton & Company Inc.
Lehman Brothers Kahn Loeb Merrill Lynch White Weld Capital Markets Gronp Paid en tial-Bache

» n i# *n#W »m«i L/Mh, rwm, raw, a mi# i m r #mn # B» u *»i n w

L. P. Rothsr^ild, Unterberg, T owbin Shearson/ American Express Inc. _ Smith Barney , Harris U pham & Ca

Warburg Paribas Becker Wertheim & Co, lac. Rotan Mosfelnc.

Warburg Paribas Becker Wertheim & Co, lac. Rotan Mosfelnc.

A. Ol «•#«*#

ABD Securities Corporation Arnhold and S. Blelchroeder, Inc. Atlanta? Capital Basle Securities Corporation

We served as financial adviser to Dillingham Corporation
and assisted in the negotiations.

Dominion Secnrities Ames Inc. A.G. Edwards & Sons, Inc. Eppler, Guerin & Turner, Inc. Robert Fleming

Klein wort, Benson Ladenirarg, Thal man n & Co. Inc. McDonald & Company

tefflrpiiffl f«I

Moseley, Hallgarten, Estabrook & Weeden Inc. Nomura Securities Interna timiaL Inc. Oppenhetmer & Ql, Inc.

Ranscher Pierce Refenes, Inc. .Rothschild Inc. Thomscm McKinnon Securities Inc.

Tucker, Anthony & R. L. Day, Inc. Underwood, Neohansfic Co. Wood Gundy Incorporated

WARBURG PARIBAS RFrKFi?
A.G. BECKER

March 1395

- t.

!k

o

; ilti

.. e * '■

-. ■■*»'■ ■ ’ —
_ - - *"

SECTION HI CONT ENTS

,; NMYDRKSTOQC EXCHAfffiE.32-33 .
AMEKCAN STOCK EXCHANS33-34
- ' WORLD STDOC MARKETS 34
COMMODITIES 35

. JJWDQH STOCK D(EaANSE36-37
. . CURRSW3ES38 ■ ■

WALL STREET

Treasury’s
allure lends
solidity

THE SUCCESS of the opening stages of
the UJS. Treasury’s heavy funding pro-
gramme, itself a reflection of a more
optimistic view- of inflation prospects,
continued to buoy the confidence of Wall
Street's financial markets, writes Terry
Byland in New York.

Shares opened strongly with plenty of
support shown across the broad range of
industrial issues, and by 2pm the Dow
Jones industrial average was up 2J at
1J43J77. It closed up 5.03 at a record
1145.90.

Treastay stocks and other debt securi-
ties held on to the lower yields establish-
ed at the dose of the previous session,
although there; .was an inclination to
await the outcome of yesterday’s auction
of $3-25bn in 20-year Treasury bonds.

Bond markets, which had dosed
strongly on Wednesday on reports of a
hi g h level of demand at the auction of
seven-year. Treasury notes, were favo-
urably impressed yesterday as details
emerged of the deals struck. About
Sl.lbn had been' bid about 214 times the
amount issued. The auction yield of

SECTION III - INTERNATIONAL MARKETS

FINANCIAL TIMES

Friday March 25 1983

Cocoa buffer
stock delay
likely. Page 35

10.58 per cent on the new notes was
traded down to 10.48 per cent in the mar-
ket yesterday, offering a significant real
rate of return compared with current in-
flation rates in the UJ5.

European banks were believed to
have participated in the auction and
there was good support in the market
from the UJS. commercial banks.

All this was good news, and despite a
firmer Federal Funds rate of 8% against
8.70 per cent at the previous close, credit
markets opened steadily. Three-year
Treasury notes traded at a discount rate
of 8.42 per cent against 8.4? per cent and
six-month bills a 8.46 per cent against
6.50 per cent The trading was subdued
as the market paused to measure the
chances for the auction of 20-year Trea-
sury bonds which traded on a when-
issued basis at 10.55 per cent to 10.78 per
cent fitting in comfortably with yields
on similar bonds. The Treasury 10% per
cent 2012 long bond yielded 10.57 per
cent after edging up to 98%: from the
previous days final quotation of 98.

Share markets storied the day with a
rush as overnight buying orders were
completed. There was a pause at mid-
session, but major stocks then resumed
their rise with transport issues again in
demand as investors looked for an up-
turn in rail and airline traffic as the
economy expands.

Upward pressure on share prices is
being strengthened by a search by fund
managers for good-class stocks to
brighten portfolios ahead of the fiscal
year-end.

In oils Occidental Petroleum steadied
to $8% on the sale of some of the assets

KEY MARKET MONITORS

End M u nMi R tf urwi

Frankfurt Commerzbank

d^okHoo I v w V*|

1978 1979 1980 1981 W82 1983

FT- Industrial Ordinal
Index (30-Share}.

Paris CAC General Dec 29.1981-100-

( ms rtB79- • 1980. : tasi, .

CTbcKMamarnHcn

NEW YORK . March» Previous Yaarago

DJ Industrials-/ 1145.90 1140.87 823.34

DJ Transport 51755* . 51390 337 2\

DJ UtltteS 128.25* 126.29 10BA1

S&P Composite 15322* 15231 11237

LONDON

JTIridOfd' 654.8 654 9 5599

FT-A Aft-sham 411 20 41029 32402

1982. j 1983

Fab • March
‘1983

CtHtREMOES

FT- A 500
FT-A Ind

443.47 442.86

415.85 41557

U JK. DOLLAR

ST!

Match 24

Piwtoua

March 24

1.4635

1A585

-

2.4200

2.4250

394U

237.00

238.90.

347

72500

72675

10.60%

2.0700

2.0840

3.03

2.7175

2.7150

397%

1441

1441

2108%

4790

<792

69.75

19270

12275

1.7955

FT Gold mines 550.7 549.3

FT Govt secs 90-52 * 79.SS

an BRES T RATES

TOKYO

NMcei-Oow
Tokyo SE

March 24 Prow

8340.18 8311.12 7194.31
614.76 612.70 535-B4

AUSTRALIA

ABOrcL ..508 2 5103 478.1

Metals & Mbw. '• 466-5 4729 3415

AUSTRIA

Credit Aktten

BCLOHiM

Belgian SE

CANADA
. Toronto

Composite

53.66 53.71 5349

113.78 71257 95.84

2120.4 • 211454 16159

(three month offered rate)

C 10’Y.«

SwFr 4

DM 4%

per 13S

FT London Interbank fixing

(offered rate)

3-month U.S.S 9%.

S-month U-S.S 9’Yi.

ULS. Fad Flindi 9*

U^.3-WooH»CDe 9.05'

UAiSHmonthT-faSte 8.46*

10’Y.a 10’Yi.

4 4

4’A 4'Yii
13V4 19

9.05* 915

8.46* 8.46

Industrials.. . 357.06*
Combined 35198*

DEKESAfM

Co penhagen SE 13194

FRANCK

CAC Gen 11290

Ind. Tendance 119.40

msTOBHUunr

FAZ-Aktten 296.78

Commerzbank 895.00

HONG KONG

Hang Seng 99795

ITALY

BancaComm.. 211.79

anp-CBS Gen 1244 1219
ANFwCBShd : 1069 1049

NORWAY

OstoSE .;

SINGAPORE

Straits Times

SOUTH AFRICA

Golds

Industrial

SRAM

Madrid SS •

SWEDEN

J4P

15199 149 29

831.51 829-31

732.7 7159

8319 8329

11287 11273

1251.05 126493

1LS. Treasury Bonds

March 24 Pnw

Pitre YlaW Price YKM
9% 1985 99*%i* 9.77* 99 1 ** 994

1016 1990 1001* * 10.46* 99*%* 1093

107. 1993 102%** 1091* lOV'A* 1090

10Y.2012 98%»* 10:58* 97»*i 1091

FINANCIAL FUTURES
CHICAGO Latest High Us Prev

U>Sa Treasury Roods (CUT)

8% 32nds of 100%

June 76-17 78-28 76-16 78-18

ILS. Treosury BHIs (IMN)

Sim points of 100%

June 91.42 9191 91.42 91.42

Cort Deposit (HU)

Sim points of 100%

June 90.72 9093 90.72 90.73

LONDON

Ti nas mu n t fa Eurodollar

Sim points of 100%

June 9091 9095 90.47 9097

20-yew Notional Ott
£50.000 32nds Of 100%

June 103-09 103-14 102-22 102-17

LOHPON COMMODITY MARKETS"

Uarctia* Prev

SUwaM- (spot fixing) 722-50p 700.5Sp

Copper 1 (cash) E108190 £105490

Coffee (March) E1923.W £1895.00

02 (spot Arabkn Bght] S 28.05 S 28.05

, OMta

7 “ West Germany

■frade Balance

SWITZERLAND

Swiss Bank Ind 31120 . 3069
WORLD - March 23 Pnw

Capital Inti 16520 164.1

■ .POLO (per ounce)

‘ March 24

Londwr - • - $41590

Frankfort , 5415.50

ZQrich $41590

Parte (fixing) ■ S4162B

NewVofkIMarch) $4109

Pnw

$409.75

$41090

'$410.50

$41097

$41790

IMN J JASDNP J F

«a2 m

acquired from Cities Service, and Stan-
dard Oi! of California looked firm at
$35$. Among the oil service groups,
however, Schlumberger remained weak
at S39.

AT & T improved to S67% after Stan-
dard and Poor's issued a rating of its
debt issues a shade more favourable
than the verdict from Moody's, the other
rating agency.

American Motors eased to S6 on plans
to sell 15m shares but a block trade was
marked at S5%. A poor feature was Eli
Lilly, down 53% to S60V. after published
criticism of its Moxalactom antibiotic
drug.

Resources were again the weak\spot
in Toronto, although base metals and
minerals held up better than the golds
and oils. Industrials were well support-
ed, particularly the property, transport
and media sectors. Papers and pub-
lishing fared worse, by contrast, than
the broader Montreal market

LONDON

Element of
composure
is regained

SOME composure was regained in the
stock markets as the pressures against
sterling subsided sufficiently to allow it
to close above the day’s worst leveL
More stable conditions returned to the
equity sectors and government securi-
ties staged a useful rally.

Lessened fears about an early rise in
U-S. interest rates, the overnight im-
provement in American bond prices and
sterling’s pick-up against the dollar,
gave some much needed encouragement
to British funds. The February trade fig-
ures for the UK failed to impress the
market, but long-dated gilt-edged stocks
held earlier gains which stretched to 1%.

Wall Street’s overnight improvement
prompted a slightly firmer start in lead-
ing industrial shares. However, invest-
ment confidence was again lacking and
quotations began to drift back in ex-
tremely quiet trading.

The afternoon session saw an im-
provement and, with the help of late
U.S. demand for Glaxo,- up 25p at^40p,
and a sympathetic gain of 7p to 380p in
Beecham, the Financial Times Industri-
al Ordinary index closed 0.5 up at 654.8
after having shown a loss of 3.1 at 2 am.

An- otherwise quiet day in mining
markets was highlighted by brisk specu-
lative activity in a number of the Aus-
tralian gold hopefuls.

A buying spree in overnight domestic
markets was followed through in Lon-
don and Jingeilic Minerals more than
doubled in price to close 32p higher at
61p. Kalbara Minerals surged 13p to 42p
and Enterprise Gold Mining put on 2p to
31p. All three companies were rumoured
to have been the subject of a brokers’
circular in the U.S.

Financials made modest progress.
London issues were featured by Gold
Fields which rose 13p to 495p in a mar-
ket short of stock, while RTZ moved up
8p to 520p and Charter Consolidated 6p
to 223p. In South Africans, De Beers
added 8p at 495p, Anglo American Cor-
poration £% to £12% and Gencor £V4 to
£16%.

Share information service, pages
3&-37.

AUSTRALIA

Mines decline

SHARE prices closed mixed with an eas-
ier bias in Sydney. Lower bullion prices
in Hong Kong and London brought
widespread declines among m i n i n g
stocks, which left the mining index
down 7.0 at 517.5.

Among heavyweights, BHP gave up 12
cents to AS6.24, MIM 10 cents to AS420,
Western Mining three cents to AS4.15
and CRA two cents to A54.48.

There were, however, some gains
among cheaper issues. Kalbara gained
20 cents to 70 cents and Jingeilic was at
one time 30 cents ahead at AS 1.10. The
oil and gas sector was generally sub-
dued.

In Melbourne, an early improveme n t
was not sustained and metal issues in
particular eased in late trading.

SOUTH AFRICA

Low volume

TRADING volumes were very low in Jo-
hannesburg as domestic institutional in-
vestors stayed away from the market.
Gold shares, however, closed firm is ■
moderate trading in response to the
firmer bullion price. One of the largest
gains was posted by President Brand,
which advanced R2 to R44.50, while low-
er priced stocks moved up by 50 cents or
less.

De Beers reversed its fall earlier in
the week, rising 18 cents to R8.23. Else-
where, industrials were little changed.

EUROPE

Trade trend

favours

Frankfurt

FORECASTS of an economic upturn
and a further fall in inflation following
the announcement of favourable Febru-
ary trade figures sent prices sharply
higher again in Frankfurt

The Commerzbank indent, which be-
gan the month below 800, moved up 13
points on the day in heavy volume to
895. The closing Frankfurter Allgemeine
Zeitung indicator reached a record level
for the third consecutive day, gaining
4.22 to 296.78.

The domestic bond market also saw a
modest advance, with typical gains of up
to 30 basis points, and the Bundesbank
was able to sell DM 15.7m of public pa-
per - about the same as it had pur-
chased the previous day.

Electricals were among the strongest
sectors in an equity market which was
also buoyed by Tuesday’s strong Wall
Street dose, a softer dollar and reassur-
ing signs on U.S. interest rates. Siemens
drew particular attention after announ-
cing plans for a rights issue and disclos-
ing an encouraging growth in orders,
and gained DM 820 to DM 326.50.

Strong interest from foreign investors
brought brisk trading and a firm tone to
Amsterdam, and prices advanced across
a broad front

Among Dutch internationals, Philips
rose FI 3 to a record FI 44.5 in optimism
over its future with or without a Grundig
link. Unilever, Akzo and Royal Dutch
Petroleum all posted smart gains.

Early signs of an upturn in the domes-
tic bond market faded, leaving prices
broadly steady.

Government hints of measures to en-
courage investment in industry sent
prices higher in Paris. Many investors
were waiting until details of the mea :
sures are announced, however, and the
upward trend also reflected the selected
purchases which usually mark the first
day of a new monthly trading account.

In Brussels, Belgian and foreign

stocks maintained their strength,
encouraged by Wall Street's good perform
mance. Holding company shares again
led the rally, Safina climbing BFr 220 to
BFr 4,700, Bruxelles Lambert BFr 20 at
BFr 1,820 and Sodete Generate BFr 25
to BFr 1.600.

A higher bond market and yesterday’s
easing of the dollar brought firmer
prices on considerable trading volume in
Zurich.

Prices dosed mainly easier in Milan
after profit taking in quiet trading. In an
expected reaction to the previous day's
sharp gains, the market indicator
showed a 1 per cent downturn at the
close.

In Madrid, prices dedined over a wide
spectrum, with the heaviest falls in
banking and electricals.

Oac 4 m fob M
1982 1983

FAR EAST

Enthusiasm
persists on
rate hopes

A CONVICTION that the Japanese econ-
omy would soon pick up gave a further
boost to share prices in Tokyo. The Nik-
kei-Dow Jones market average gained
28.96 to finish at 8,340.08 - for its eighth
successive rise and fourth consecutive
record close.

The market appeared convinced there
would be an early cut in Japan's dis-
count rate, although after the close Mr
Haruo Maekawa, governor of the Bank

of Japan, said such a cut might weaken
the yen seriously and cause problems
for other countries, as well as Japan.

Hopes of a cut helped trading compa-
nies, but blue chips eased because of
some profit-taking. Lower-priced steels
and textiles continued to firm, along
with oi), retail chemical and pharma-
ceutical issues. Oil issues were also in
demand with investors taking advan-
tage of low share prices.

Trading was heavy with first section
turnover totalling about 470m shares,
compared with 400m on Wednesday.

Trading in government bonds was
very light because of the yen's weakness
and the prevailing uncertainty about in-
terest rates.

In Hong Kong, too, the market closed
firm after increased late short-covering
and fresh buying. The Hang Seng Index-
rose 18.87 on the day to 997.85. The mar-
ket has discounted the likelihood that
forthcoming corporate results will be
poor, and investors are keenly awaiting
results from Cheung Kong, Hutchinson
Whampoa, Hongkong Land and Jardine
M a the son. which are all due to report
1982 results on March 30.

The announcement that Hongkong
Land had sold its 34.8 per cent interest
in Hongkong Telephone to Cable and
Wireless in a HKS1.4bn deal, came too
late to affect the market.

However, unconfirmed rumours of a
rights issue took Hongkong Land 33
cents higher to HKS4.40 and Jardine
Matheson 40 cents to HKS13.80. Cheung
Kong was 25 cents ahead at HKS9.55
while its subsidiary, Hutchinson Wham-
poa, added 40 cents to HK514.10.

Meanwhile, a prediction that the
Hong Kong stock market would witness
a radical shift away from property and
into manufacturing and export sectors
over the next few years, has been made
by Mr Frank Heath, the executive direc-
tor of Sung Hung Kai Securities.

In Singapore, prices closed mostly
higher after a strong opening and mid-
day correction. The Straits Times index
ended 2.22 higher at 831.53, on volume of
12.5m shares.

One local stockbroking firm, City Se-
curities, said there could be a correction
to as low as 800 in the index, though
there would be strong support at that
level. It added that such a correction
would help to digest the gains of recent
weeks which had pushed share prices to
uncomfortably high levels. •

s>.

IMOTRNATIONAL REPORTS

/ / (EUROPE) LI U. Gu enter Reimann, Editor

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32

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Financial Times Wday March 1983

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A FINANCIAL TIMES SURVEY

W O R L D BANKING

Part X, 9th May 1983 Part 2. 16(h Kay 1983

The Financial Times proposes to publish a Survey on the above. The provisional editorial synopsis is set out below;
PART 1

INTRODUCTION: The problems facing the world's banks have escalated rapidly over the past twelve months. Many
of their domestic and international clients have run into difficulties and this has badly shaken confidence in the world
banking system. Many banks are reviewing their International strategies after a decade of unprecedented foreign
expansion.

Editorial coverage will also include:

World Economy — Central Banks — The international Interbank Money Markets — The International Agencies —
The Oil Price and Oil Money Markets — Sovereign Risk Analysis — The Problem Countries — Europe's Banking
System: Country profiles
PART 2

INTRODUCTION: The business of banking: a look at how banks are coping with the major charges in their operating
environment. Increasing regulatory controls, rapidly changing customer demands, a deterioration in the economic
climate, plus competition from new sorts of financial service companies are all combining to test the responsiveness
Of bank managements, in an Industry noted for its traditional conservatism 'the banks are playing for high stakes.
Editorial coverage will also include:

Retail Ranking — Correspondent Ranking — . Corporate Banking — Technology — Financial Services
North America — Israel — Middle East — Asia and Pacific Basin — Caribbean — Latin Amer i ca — Africa
For further information, and advertising rales please contact:

RICHARD OLIVER or KAY CREUJN
Financial limes. Bracken House, 10 Cannon Street, London EC4P 4BY
Tel: 01-248 8060 ext 3238 Telex: 885033 FLNT1M G
The size, contents and publication dates of Surveys in the Financial Times are subject to change at the
' discretion of the Editor.

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33

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NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES

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0 20 % 20 %
1 W% IA

or*

□tea Pra».
Doom Claw
20 % -%
as + %

27% +%
30 4%

30% 4%
40 411,

21 4 %

iA

A 4 %
ZA -%
38% *1%
SA 4 A

40% 4-2

31% 4-1%
v% 4%
40% -%
661, +«.
ZA * %
«%

118 41

^ +%

21 %

2A -%
«% -%
17% -%

24 .

to -%

56 -%

ZA -n

20%

a -a

is

a

is,

v-v-v

W4OTE

VUfcnM

I160 2B

W

225

56

55%

5A

* %

40 2 0

G

1573 Mb

W.

19%

+ %

61

A

A

A

112 59

14

65

12%

iA

17%

70

A

A

5%

♦%

a* 6

»

1154 u44%

42b

44

+ 1%

40 3 2

ua

Wa

w%

12%

♦ %

£0 6

X

381

2A

»v

26%

- %

23

73

11%

11%

11%

-%

124 11

a

11

IA

11

■* %

atno

15

876

31

30%

30%

-%

(021053

29

to

397,

to

16Q 10

B

3572 IA

IA

IA

♦%

pl 5 12

2100 41

41

41

(47 72 12

HDD 62

E2

to

-%

pie goii

rfO

75

75

75

-1

POTS 13

ao

77%

771.

771;

(0290 12

46

24

25%

23%

-%

PU7 72 12

zJOO 53

to

63

+ %

107 20 12

aoc

1 56

50

to

(07*5 12

*110060%

sa

£A

-%

323

19*

»%

«%

17

10%

10

IA

+ %

244 3 9

13

2

62%

62%

62%

-%

w-w-w

st

«.

31%

WCCW

wren

2 V 11 10
PMM12

27 19%

,100 to

19%

39

*

-2

37%

22

MOT*

140 3 711

3GS

0371,

36%

37%

+ 7.

IA

whom

4ft 17 17

B1

26

2A

2A

+ 2

IA

A

MMnoc

09

5%

A

sV

SB

ao%

«M1

*28 fi 33

909

u50%

57%

891,

♦Hi

61%

2A

wain

P»

6

u64

64

61

+ 3

31%

iA

vr*gm

SGQ21 15

503

29

26

20%

-%

IA

12

WUAs

gi£2

35

18

17%

174

E&%

5 1 *

UMCSv

72 14 16

32

52%

B

52«

-%

42%

16

WMJrn

1 23 13

1603 Lt*4

42%

44

4Tb

**h

18

WMJ

(0180 3 4

2

U47

47

47

42%

50%

2A

Weiac

14QJL99

51

47%

47%

47%

r V

5A

27

V*nCm

1347

2B8S

! 3A

39%

29%

3A

«%

want

l«43 15

901

33

3Z%

32%

A

Continued on Page 34

Saias fiQurea ar» unottexBl Vasty higha and lows reflect the
previous 52 weeks plus the current week, but not the latest
trading day. Where ■ spin or stock dnridend amounting 10 25
per cent or more has been paid, the year's high-low range end
dtadend ere shewn lor the new stock any. Unless otherwise
noted, rates of dividends ere annual (kabu'Semenia based on
th* latest declaration.

a-**w(*end also extralsj. b-onnual rate of dhikiend plus
suck dMdend c-tquldamg dividend dd-caBed. d-new yearly
low. e-dMdend declared or paid n preceding 12 months g-dt-
vidend in Caraftan funds, subfaci lo I5*i non-residence tax 1-
dwidenc dectored attar spur -up or slock dnridend. j- dhneend
paid this year, omlned, deferred, or no action token at latest di-
vidend mMtfng. k-dMdend declared or paid this year, an eccu-
mutahve issue with dividends In arrears n-new issue m the
pest 52 wwdQ. The high-lo* range be guvs with the start <0 tra-
dng nd-next day dekvary, P/E-pnce-earnngs ratio r-tkvidend
declared or peld In preceding 12 monihc. plus stock dnndencL
s-otock split Dividends begins with date of split slsrseles w
dividend paid In stock m preceding 12 months, esitmated cam
vafeieon ax-dhrtdend orex-dlsirtoutiondatB u-new yearly high,
wadkig halted. vNn bankruptcy or racennrship or bong re-
organtoed under the Bankruptcy Act. or securities assumed by
such companies wd-when distributed wt-when issued, ww-
wilh warrants, x-ex-dhridend or ex-rtghia ndte-ex-afttribulKm.
wv-wHhout warrants, y-ex-dhrtdend and sates n-fug. ytd-yiMd
z-satos In M-

Itv-

V

34

o Financial Times Friday March 25 1933

WORLD STOCK MARKETS

CANADA

BtatngftiewJ Mar
SMk 24

Vara.

H rinpp

if

B. t firm

101%

QLinc

25 V.

Fain,

a

Cm r>man 2

16

Cm KW Enemy

22 V*

CmPadon_ ...

aa

41

DwtapBiak

34A%

4Jva

Cm P. Em.

21 N,

Oh Tre

60

CwtegO-Wx

14

COMioco

47*.

Cons Bxfeit A

20

Cmta Bewcn ...

i2

Bmjd Oftti —

1.85

Dmmlhxs

34 VJ

Done Manx

18>%

Item riiliuhm

3 2

Data Foundnex A

41 */i

ibm Stores ....

IE

Oooaac

23 Vi

totem Ud.

83

Census

24

GmtrbMft

18*.

Bt VWh> Lite

195

GeDCmada. _ .

13

GfSIxuuai Ha

1.38

KtahSUCm

17V4

Mem Bay (tag

I7«i

Ikvhtm't Bw _ „

22*4

HwkyOa _

av«

bun

35

28*%

153%

haw

18

fatayriV

V

Mac Bhwkd _.

TBPft

Mycks 6 Spmcn —

HP%

asst—

MU ‘

47
30 V4

Moon Dap

57^«

IfaL Ssaftl* A -....

10

thnsda Mints

Z3

Non AAnrts

BVe

NttsTaktan

95 Mj

D*MMd Pm

13«a

PuIk Conor

1.06

PiammSta Pm - —

89 Vi

Pams

21

Pin DM

21‘va

Ptwttf Cwp Can

141%

OxtaSrgn

51%

Ranger 03

71%

Rad SantaaA

15V»

Rio Aigcn

44 Vj

BayNBmk

31 •%

HoyMTnMco A

241%

5

Skamaoi

331%

She* Can A

20

SbeiolCao A

254%

Ttrii B

Vh

Tamn (Canada)

284%

Tkmuan Hem A

31

T wonts Data Bmk ....

4G

Tnaaafta A

22V.

Tram Cm f%« _....

25 V%

Wot (H| Rex

22

Wtakmo Tianx

131%

Wexm IGeo)

sm

+ V\
-*»

+ VK

o.m

T V*

- J/,

-0.05

+ 1fc
-Va

- Vi
+ W

- Mi

+ v»

+ IV*

+ 3%
-Vi

+ **
- DJI

- va

- v»
-0.05
+ Vi

-*»
+ 2*
* 1

- V*
- 0.06

T V*

- w

TV*

- Vi

T

-V*

-ft

+

+ fta
+ V*
-i-D.lS
+ 6%
+ 3%
■»- Y»
-Vb
+ Vi

-Mr

+ 0 08

- Vi

+ Va
-Vi
-Vi
-V*
+ Vi
-Vi

* Vi
-Vi

+ *%
-V»

- !%
-Vi
-Vi
+ Vb
+ 16

-Ml

fill

t ¥•

AUSTRIA

Coc leer III

Dolhaize

EBE8

Eleetrobol.

Fabrlque Nat

C.B. Inno

CBL iBruxi

Govaert.

Hoboken

Intercom

Kredietbank. ...

Pan HI* *ga_

Petrol i na.

Roy ale Beige .. ..
Soc Gen. Banq ..
Soc Gen Beige ...

Safina

Sohray...

Traction Elect,.

UCB ..

VlelloMont

1 930 +40
98

4.300

2,250
5.37 O
2.B50
0.820
1.820
0.060
4,545
1.705
5,090
7.9 tO
4.735
6.540
2,765
1.600
4,700
2,549
3,185
3,015
4.340

+ 25
-lO
+ 10
+ 20
+ 20
+ 10
+ 115
+ 30
+ 95
+40
+ 30
+ 90
+ 10
+ 25
+ 220
+ 45
+35-1
+ 15*'
+ 20

DENMARK

Mar. 24

Aarhus oiie_ . ..
Anaeiabinken ...
Baltica 5 hand.
CapHandeisbonk
O. Si/kkertab ...
Dana ho Bank .. .
E a st Asiatic. . ..
rorende Brygg. .
Forenda Damp .

GNT HMg.

I-S.S.B—

Jyake Bank

Novo Inti

Pri vat ban ken _ ..
Provinsbanken..
Smidth 1 F.L 1
Soph us Berend . . .
Euperfos ...

Price

387

289.6
454

279.6
510
290

123.6
870
200
296.4
434
505

3205

278

237

250

775

154.6

+ 6.6
+ 14
+ 7.2
+ 2
-7
-6
+ 5
-1
+ 17
+ 0.6
-5
-65
+ 8
-3.8

FRANCE

Mar. 24 Price ' + or
Frs. —

-5
-50
+ 92
T 9
+ 11
-158
+ 45
+ 59
+ 18
+ 11
-55
+ 1.4

Em Brunt ten 1.915
Emnrunt 1% 19118,500

CNE3* .3.252

Air Liquids... 479

BIC 476

Bcuygues 579

BSN Gervaia. 1,540

err Alcatel .. . BIB

Carrefour 1,300

Club Medit 582

CFAO 450

Cie Banco/ re 304.5

Cofimeg 149

Creusot Loire 60

Darty 620

Dumez- 674

Eaux >C<e Gem... 272

Eif. -Aquitaine 126.4

Gen. Occidental 496

ImetaJ 51 A

Lafarge Coppee. 249 i

L'Orea 1 1,417

Lagrand 1,799

Maieonc Ptionix.. 424

Matra - 1,350

Michel in B. 814

Midi -Ciei 726

Moet-Hannesay... 955

Moulinex 7 9J9

Hord Eat. 52.6

Pernod Ricard.. . 450

Perrier 266

Petroies 'Frer.K... 162

Peugeot SA_ 185

PocWn 94

Prints mps Au 120

Radiotecn 375

Redouto 840

Rauaae!Ucl&r„. 285

Schneider 130,8

Scfimog 186.2

Skis Rossi gnol. .. 840
Telemech Elect. 1049
Thompson tCSFi. 196
Valeo 255

+ 2.6
-12
-4
+ 4
-7.

+ 12
+ 1.3
-18
+ 12

+ 9
+ 95
-7
+ 14
+ 25

+ 6
—3
+ 4.!
-9
-9
+ 7

+ 55
+ 14
+ 10

GERMANY

Mar. 24

Dm. —

AEG-Teief 55.9 +4

Allianz Vers. 577 - 0.

BASF 140.4 +4.

Bayer- 137.S +5.5

Bayer Hypo- 300.5

Bayer-Verein 343 . +2.5

BHF-Bank u .277 -l .

BMW 289.5 +4 ‘

Brown Bovert 172 +9

Commerzbank... 163.5 +x
Conti Gumml .. 82 +0.7

Daimler Benz 471 +13

Degussa 260 —1

Demag 178 +2

O'sche Babcock 170 • +8

Deutsche Bank... 315 • +4

Dresdner Bank... 171.5 +1.5

GHH 179.5 - 0.5

Hochtief 510 • -23

Hoechet 142 .2 +2.2

Hoeeeh 468, + 18

HoIzmanniPi .... 543 +6 .

Horten 150 • +2

Kali und Salz 175.5 +4

Karstadt 261

Kaufhof - 243.5 +2

KHD

Mar. 24

Price

+_or

Kloeckncr

Krupp

4U

65

-1

Creditanstalt

Goooxor.

Interunfall . .. .

LandertMuik

Perl moose r

Steyr Daimler.,..
VeUscher A«ag...

ew

240

370

an .

36L

158

212

-1

+ 10

+ i

-7

-1

+2

Uifthanaa U

MAN

Mannesmann
MercedesHid ....’

Metal Igeaell <

Muench Rueck—
PrauB&ag

110.3
176

169.3
419
241
840
229

-1JB
+ 8
+4.9
+ 14
+ 6
+ 15
+ 0.6

BELGIUM/LUXEMBOURG 1

338.5

+ 3.S

326.5

+ BJI

1

varta

Veba

163

+ 3.3

ARBED

Banq Int A Lux..
Bekaert B

1,250

3,900

2.330

+20

+ 30

v.e.w.

verein West ......

Volks wdgon .. .

X44

309

172.8

+ 1.2
+ 1
+ 2.3

ITALY
Mar. 24

Banca Com'le....
Baatogl IRB8

Centrale

Credlto Varesmc

Fiat...

Flnslder-

Generali lAsaio..

Invest-

I tal cement
Montedison

Olivetti

Pirelli Co

Pirell Spa

Snia Vtscosa.

Toro Aaslc

do. Pref . .. .

Price "or
Una . —

-15

-5

-83

-70

-13

, “f 4 ®

279
2.815
5.19Q
3,012
68.4
15000
2.581
42,950
: 153
2,999
3801
1,879
1.0431
13,200
10,605

-476
-18
+ 350
-5
-66
-124
-41
+ 3
-510
- 106

NETHERLANDS
Mar. 94

Price + or
FIs. —

ACF Holding

166

+ 8

Ahold

160.0

+ 9.5

AKZO

56.9

-1.5

ABN

867.9

+ 33

AMEV

122

+ 3.5

AMRO

67.5

+ OJQ

Bredero Cert.. .

190

+73

Boskalie West ..

49.6

-0.1

Buhrmann Tet.

44

+ 3

Galana HldS

86.8

+ 0.3

Elsevier NDU ...

273

+ 18

Ennia

143.5

+ 9.5

Euro Comm Tst

79.5,

Gist. -Brocades ..

147.2

+ 3.4

Heineken

127.3

+ 3.6

Hoogovens

24.1

+ 0.8

HunterOouglas .

16.3

+ 0.8

Int Muller

24.5

+ 04

KLM ... _.... ....

166.2

+ 1.2

Maaden

36.9

+ 2.2

Vat N«d cert

144.5

+4 3

39.3

Ned Mid Bank ..

1SS

+ 5

Med Lloyd

104

+ 2.3

Gee <3 rmten

190

+ 8.5

3 m me re n (Van]...

25

+ 1

Pekhoed

BO

+ 6JL

Philips

44.5

+ 3

din Sthade

4.8

fJobeco

276

+4.5

Kodarrtco

128.1

-0.1

toll n co

265.5

+ 3.5

lororrto

1B6.5

+ 03

9oyal Dutch

1D5.4

+ 13

Stave nburgs

Tokyo Pac Hg ...

80.5

+ 1.5

237

+ 2

Jmievor

218.5

+ 6.5

/iking Re

fmf Stork

104.5

— 1.5

69

+ 1.5

/NU

81 -

+ 4

West lltr Bank ...

120

+ 7

NORWAY

Mar. 24

! Price
Kroner

■for

Bergens Bank..

. 109.5

+ 0.6

Borregaard^.. .

. 142.5

—5.5

Christiana.

. 116

-0.5

Creditbank

: i27

+ 0.5

Elkem

74.5

+ 1

Norsk Data.......

. 215

Norsk Hydro

300

+ 5

Storebrand

. 138

-7

SPAIN

Mar. 24

Price

.

%

Bco Bilbao.

240

-6

292

Boo Extenor ....

202

-3

Bco Hispano .....

235

—2

Boo Santander ■

258

Bco Vizcaya

346

Dragados -

150

-5

1 Hidrota 54.5

-0.2

Iborduero

49.5

+ 0.B

Petra loos

.' 88

-2.5

Telefonica

65

+0.5

1

SWEDEN

Mar. 24

Price

Kronor

—

AGA

310

+ 3 c

Alfa Laval

380

-5 a

ASEA (Free) .....

530

-5

Astra (Freak.

1475

Arias iCopcot.^...

132 -

+ 2 y

Bohden

324

-1 v

Cardo (Free).

700

Cellulose

697 ■

+ 2

Electrolux B

193

+ 1 |

Ericsson

893

-1 *■

Eaelte iFree)

222

—6

Fagersta

365

+ 25

Fortia IFree)

440

- 10

Mooch Dom ......

844

-1

Saab Scania

292

.....

I

a

1

275

Skandia

820

-10

Skan Enskilda. ..

245

-5

SHF B -

159

-6

St KoBDorfaerg.„
Sven Handelsbn.

SOS

144

-10 c

Swedish Match-

217

+ 3 C

Volvo s (Free). ..

375

-11 C

SWITZERLAND

O

D

D

E

■for 1

Mar. 24 .

Price

Frs.

m F

Al mulatto

635

F

4,076

+ 50 Z

Brown Bovert-...

1,125

+40 G

Clba Geigy

1.620

+ 20 H

do i Part Certs)

1.445

+ 10 H

Credit Suisse

1350

+ 10 H

ElektrowatL.

2,690

+ 10 H

Fischer (Geoj

. 570

+ 25 H

Genevoisc-.

3,800

H

1 Hoff- Roche PtCts 81,000

1,000 H

Hoff-Roohe lilO

8.075

+ 75 1®

Jacob Suchard ..

5.600

+ 75 »

1,520

li

Landis 4 Gyr

1,110

+ 26 Ji

3,910

1335

Oer Buehrle

J

Pirelli

250

Sandoz iBi.'

5,225

Sandoz (PtCts'..

777

Behind leriPtCtB)

375

B30

826

Swiss Bank

+ 1

Swiss Reinsce. .

7,200

+ 50

Swiss Volksbk. .

1380.

+20

Union BanK,

3.300

+ 30

Winterthur

2,695

+ B5 If

Zurich Ins.

17.200

+ 100 e

AUSTRALIA

Price + or
Mar. 24 Aust. =r —

KHZ Group

A crow Aust . ..

A.OJ3

AmpOl Pet . ..
Assoc. Pulp Pap
Aust. Cons. Ind
Aust. Guarant ..
Aust. Nat. inds .
Aust. Paper . ..

Bond Hldgs

Bornl

Bougainville . .
Brambles Inds ...

Bridget Oil -

BHP ..

CRA

CSR

Carlton 4 Utd.. .
Castlemaine Tys
Coles 'Gj.l ... .

Comaloo.

Consolidated Pet

Costal n

Ountop.

EJZ. Inds -

Eiders IXL

Energy Res

Gen. Prop. Trust
Gnffin Coal . . _

Hardin 'J./

Hartogen Energy
HeraidWy Times

ICI Aust

•limbalana iSOcfp
Kia Ora Gold . ..

Land Lease

Leonard Oil-

MIM

Mayne Nklesa..
Meekatharra .....

imp. .... .
Nat. Aue. Bk...

News

Nicholas Kiwi- ..
North Bkn Hill ...

Oakb ridge

Oder Expl

Pa neon

Pioneer Co

RecMtt*t Col man

Repco

Santos

Smith iHt

Southland Min'g
Spargos Expl

3.45

1.3

0. 56
1.35

1. as

1.1

2.10

2.15

1.73

2.03

2.52
2.38
9AZ

2.4
6.24

4.48

2.53

2.48

4.0

2.5

2.2
0.22
0.9
0.97

5.5

2.55
1.33

1.6

6.00

3.45

1.4
1.98

1.55
0.28
0.2
3.75
0 07
48
2.6
1.7
US

2.45

2. B
1.85
2.23

1.05
0.58

1.45

1.6

1.74
0.94
4.27
28B
0.23
0.3

1.46
2 St

133

a.7

4.15
2.5
0.69
1.68

2.75

-0.B!

+ 0.0
- 0.1

+ 0.04

— Ojll

HONG KONG

Mar. 24

Price + or
H.K.s —

ling Kong-.,
a Light.

-0.01

JAPAN

Mar. £4

Price + or
Yen —

+4
-50
-7
+ 5
—12
-10
-10
-20
-10
+2

iXS;

, B90 .
.2.110 ■
. 600
, 309
593
• 475
. 1.310
, 1,090
.. 1,140
. 361
. 600
. 753
/ 562
.• 350
.1,350
.5^40
. $00
.1.780
.1,160 '
. 977
. 1.620 '

. 520
. 570 I
. 804 I
. 1,350 *
. B82

.' 949 :
. 880
. 326
. 1,020
.1,080
. 453
. 2,420
. 600
.• 330 ;

. . 590
., 681
415
' 877 :
.. 608 •

+ 3
— 1

-30

-10

— "so"
+ 10
-12
+ 20
+4
+ 11
+ 3
+ 50
+ ia

+ 5
+ 10
+ 5
-30
-40

+ 3
—3
+ 32
— 4
-B
+ 29
—l

JAPAN (continued)

Price
Yen ■

+ 01

Konushiroku.. .

. 642

-7

322

Kumagia

397

- 1

Kyoto Ceramic

. 4.860

-30

Mooda Const

.. 535

-20

M.iKina Milling

753

- 3

Makita.

965

- 25

Marubeni ..

.. 304

-8

.. sea

-8

Marui . _ .

930

- 11

MEI

.. 1.330

-40

i M'ta Pec Works. 623

- 17

M'bistu Bank .

500

M'btsni Corp ..

550

- 10

M'bbhi Pect ..

376

-3

. 505

-3

MHI ..

. - 226

.4

Mitsui Co _ . .

390

- 12

Mitsui Eat.. ..

. 794

-12

Mitsukoshi

349

-3

NGK Insulators.

. 533

-1

Nihon Cement..

. 185

Nippon Denso..

. 1.330

Nippon Elect .

966

- 12

i Nippon Express- 206

- 11

Nippon Gnkki-

694

-l

Nippon Kokan..

. 150

+ 3

Nippon Oil ....

890

-3

Nippon Smka -

. 433

-4

1 Nippon Eh impan 817

-17

Nippon Steel . .

. 173

-2

Nippon Sulsan.

306

— 1

NTV

. 4,150

+ 30

Nippon Yusen .

260

- 1

Nissan Motor...

. 765

• +15

Nisshin Flour —

. 363

+ 13

Nnahm Steel....

1SB

Nomura.

690

-3

Olympus

. 1.170

-40

Onus Teteisi

. 1.220

+ 20

Orient Leasing

■2,720

Pioneer

. 2,500

-80

Renown

. 661

+ 3

741

-21

Sankyo

SI3

—X

Sanyo Elect .

484

-3

Saoporo . . .

. 287

-3

745

-15

Seven Eleven .

6.700

Sharp

1.280

-30

Shimadzu . ...

475

-5

Shionogi

.. E53

+ 1

Shise'go

975

-15

Sony

3,670

-20

Stanley

488

+ 19

3‘tomo Elect ...

519

c

S'tomo Marine

238

-8

Taihel Metal .. .

. 168

-3

Talhel Dengyo

469

-1

Tajsel Corp .. ..

230

-3

Taisho oharm ...

665

+ 2

Take da

BS4

TDK-

4,590

-10

Te/jin

259

-9

Teikoku 0i>

719

+ 14

Tokio Marine

526

-18

TBS.. „ .. ..

523

-22

1 Tokyo Elect Pw^ 1,150

-30

Tokyo Gas

132

Tokyo Sanyo

562

-12

Tokyo Style

885

Tokyo Corp

333

-17

Toppan Print.....

! 543

-8

Toray

> 367

1 3

Toshiba

1 336

-3

TOTO

538

+ 9

Topo Seikan .. .

510

Toyota Motor ....

1.090

*10

Victor

2,410

—40

Wacoal

724

- 11

Yamaha

610

-5

Yamanouchi

1.400

Yamazaki- ....

536

-11

Yanuda Fire ....

258

+ 7

Yokogawa Edge

420

-5

SINGAPORE

Mar. 24

Price

+ or

s

Bousteaa Bhd ...

2.11

Cold Storage......

4.72

+ 0.08

DBS.

8.7

Fraser A Neave...

735

— OJK

Gen ting- -

3.7

+ 0.1

Haw Par

2.7

Inchcaoe Bhd-..

2.93

+ OJC

Malay Banking...

7.4

— QJ5

Malay Brew

4.8

OCBC -

9.75

+0.BS

3ime Darby

2.34

+ 0.B2

2.04

+ 0J2

Straits Trading...

6.0

I/OB.

4-22

+ 6.02

SOUTH AFRICA

Mar. 24

Price '

+ or

Rand

Abarcom

2.80

AEACI

8.50

Anglo Am. Coal...

24.50

-0.2S

Anglo Am

20.05

+ 0.5

Anglo Am Gold ..

124.5

-1.5

Barclays Bank....

13

- 1

Bartow Rand

11.7

Buflels

51.25

+ 0J5

GN A Invest

12.0

Currie Finance...

3.45

+ 0.15

De Beers.

8.23

+ 0.W

Driafoniein

32.75

+ 1

FSGeduld

43.50

+ 1.25

Gold Fields SA —

135

Highveild Steel...

4.90

-0.05

Nedbank

10.4

+ 0.4

OK Bazaars . ......

25.50

Protea Hldgs

2.70

Rembrandt

20.00

Rennies.

8.8

Rustenburg

7.0

+ 0,1

Saco H/dg

*3

-0.1

Smith (C.G.i-

19.5

TongaatHuletts..

8.8

-0.1

Unisec

4.6 r

NOTES — Prices on this

pegs ere as Quoted on' Uw
•cnangaa ano am last traded prices. S Dealing a
xd Ex dividend, xc Ex scrip issue, xr Ex rights.

AMERICAN STOCK EXCHANGE CLOSING PRICES

Ck'OB

12 Month P/ Sfc Qgse Pray.

Hroh Low Stock ttv. YM. E ID Os High Lta fane Ooh

Continued from Page 33 .

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LONDON

ACTIVE STOCKS

J.CJ3* >;■ •- ?y n3i rocwl .n
l;> :* f :i<i ,C5"C rJ , y

Ci.- Djy'a
V'-:. s-

B.'fJ" Cl ’50

Cdt « a •Yue-'.ss -1’ 5

Enwrarac GciS i’

G - -a»3 1+7

Nepokcr'” Cc-J— 1 . . 139

M". >.* e-33 a £ca 7?

Ji+ee+'t cl

Ka'cirj 42

Mc/er :*! t77

RJH 1 ;>pi j:s

Or. .«,f/ . S£3

■Vgr.nj & G-uca ... 140

cr-in-jo
+ li

- 5
+ 2
-:s

- a

+ s

+ 72
+ 11

- 3

- 17
+ 79

- + 22

WEDNESDAY’S
ACTIVE STOCKS

FT-ACTUARIES SHARE INDICES

These Indices are the joint conpRsUon «f the Fhancwi TbmSi tt*
and the Faculty of Actavfes

iw tt nm w funmtu

Base a o' C3"ss p j icco'-i^d in Stock
Eachanje C*7'C>ai List.

Me c< Wad
CfiJ-s* 1 * cl>?9C
23

SlOCa

EICC . ..
BAT frd*

Belt (Ar.+url.
E9.;la Slot
PiudcnTol . ..
BET Did . .
Lon. 6 L-v. Tsf
Beecham
Hjrabro L'le ..

Tarmac

Un'lsver

G5C

Ocean Tran*. .
Shell Trans .

17

-6

75

75

73

13

13

12

12

12

660

273

aw

393

255

430

373

322

420

850

202

66

433

□ay's
cfianijn
-31
+ 10
- 6
-to
+ K

- 7
+ 18

- A
-16

- 8
+ S

- A
+ 3
+ 4

NEW HIGHS AND
LOWS FOR 1982/3

NEW HIGHS (15?)

AMERICANS <23*
CANADIANS i2>

BANKS rs.

BUILDINGS i61
CHEMICALS (SI
DRAPE. RV A STORES It)
ELECTRICALS <3>
ENGINEERING ISr
FOODS IS<

MOTELS (1,

INDUSTRIALS MJ)
INSURANCE (3)

LEISURE i2j
MOTORS <31
PAPER (II
PROPERTY ill
TEXTILES Ell
TRUSTS (6SI
OIL & GAS (2i
OVERSEAS TRADERS <11
PLANTATIONS (1l
.MINES III

NEW LOWS <9)

ELECTRICALS >2J

BICC br+y-llr Ejrcpe

INDUSTRIALS ill
Mruivrc Jenljcvr

OIL h GAS EA>

American Oil F.ficu Clue 04
Berkeley Eiploratern I &1MO

OVERSEAS TRADERS Hi
Mitchell Cons
_ MINES 111

O**Dri0BC

OPTIONS

First Last Last For

Deal- Deal- Deelara- Settle-

lugs ings tion meat

Mar 14 Alar 25 Jane 16 Jane 27
Mar 28 Apr 8 June 30 July 11
Apr 18 Apr 29 July 14 July 25
For rate indications see end of
Share Information Service
Stocks favoured for the call
included Kenning Motor,
Cara seals, Burmah. McUins,
Sterling Industries, Stylo,
Met toy. Quest Automation,
Bryant. Spring Grove. First

National Finance, Ladbroke.
TrustHonse Forte. Chloride. TL
Stewart Nairn. Abwood Machine

EQUITY GROUPS

Thor March 24 1983

Wed

ffcKfl

23

Twi

March

a

Nek

Hack

21

-M

-MKR

m

Year

m

& SUB-SECTIONS

Figure* In NWidewi show nunaer of
soda per wetien

Index

No.

0 Bf*

9%

E«.

Eanlegs
YicW %

Mkar.7

ftw

Oh

YM %
(ACT

at xnu

Eo.

KE

Ran

(Net)

kMRx

Nft

tab*

N*

bder

he.

mm
a*. -

Max
- Ml

CAPITAL GOODS (2071

44808

—0.4

828

1*3

M57

4S8. 33

4649ft

48868

09879

9680

44564

-03

9.40

412

12.76

44734

45891

4469*

49515

JftM

3

Contracting, Construction (307 .....

790.49

—02

3116

7.42

423

2.36

105*

Z7X

79256

162152

797.41

163916

79652

ttttJS

80.71

BMK

6MJ4

1279M

44U5

3886

077

122

44US

44)37

44826

mrni

58L69

21A25

-0.4

1867

526

1X65

2196)

nt.rft

218*6

mu

s

Metals and Metal Forming (11) —

179 J1

—0.4

1106

6l94

1106

-379.95

17893

175.46

17764

16897

Motors (18) ■

96.07

+0.1

*27

651

-

9666

CM

9MS

9129

9611

10

Other Industrial Materials (17> —

414.19

7.71

5.00

1722

out

057

41*69

42497

saws

21

CONSUME)! CROUP (200)

412.97

+05

1023

425

1190

41X07

4U.7V

467.39

4X255

29795

Brewers and Distillers (231

44215

-04

1144

454

10.67

44135

44512

am

64656

29886

25

34705

+02

33J6

553

078

34638

34896

339.95

34501

233.66

2ft

B2SJS5

—0.4

769

2-43

1615

85t ir

*575*

mm

6445ft

60738

27

Hearth and Household Products (B> __

7SJLM

+21

522

£44

2212

7M4»

74)59

79*54

W»

36781

513.41

+OJ.

7.94

470

1446

93U8

sun

5*922

S17.«r

4*481

32

773L21

+3.7

AU

423

14*5

sus

HUM

74634

76836

52719

33

Packaging and Paper (14J

363.06

+06

+04

<+05

1447

096

1«

363

an

1551

927

16818

35H7

19863

wun
as tn
nut

mo

16607

35597

MM*

M832

27663

173 64

34

35

36

JJA iB

397.60

32.92

MIA

4SLH

-09

»34

032

5.78

457.61

esu6

4*426

64SJ6

90652

39

Other Consumer ( ID

376.90

-01

513

181

57741

37*21

376J0

Matt

2*359

41

OTHER CROUPS (77)

3QS.U

—02

9105

490

3364

33879

33444

SSUft

33M8

29651

42

ChemtcaK (15) „ -

AM 94

+06

9.19

5*0

1350

49859

494.66-

4 nn

43926

-35447

44

10467

+0.8

842

515

1528

10881

145.9ft

mm

16569

m * a

45

Mft.74

-07

1157

629

2056

65L84

65453

657J4

64U2

90088

46

Miscellaneous (44)

474A*

-0.9

840

5.91

3452

47851

■BUT

*03,16

«)44

l32M» .

49

INDUSTRIAL. CROUP (4861

A4K

+oi

956

425

32.00

4HLS7

41818

12)75

51

Oils (14)

14247

•w

500 SHARE INDEX

+D1

1862

4.76

44122

•09 XT

14657

61

FINANCIAL CROUP (121)

mis

+01

525

nut

I6997

365J6

25899

62

BankMh) —

332.7ft

+0.6

26.99

7.40

405

35434

3SU2

3248)

MX*

27589

63

298 SS

-16

„

8)7

3B40

3K.9X

30 Jt

Wttlt

8633

65

Insurance (Lile) (9) —

39419

+02

—

514

39424

3*US

37894

S82J2

mm

66

Insurance (Compostie) (10)

194.98

-01

—

751

—

M8«

1*475

19959

MM*

16783

67

Insurance Brokers (7) —

5*2.92

-0.4

1130

522

12.06

5KJJ

58492

58US

579Jft

469.14

68

Merchant B»*» (13) -

165JS

+06

511

' —

16424

36)41

161X9

36286

14989

69

Property (54) _

466.61

-01

554

324

2123

461*4

46942

4*9.49

47X71

49980

70

Other nomad (14)

258.43

+oi

1121

490

10 70

2^429

mo*

HU).

252.44

1716*

71

Investment Trues (109)

416.97

+31

_

SE

_

41226

4U54

469.0

nn

29544

81

MinhL. Finance (4)

253.96

+26

722

1958

MUB

1447%

295.49

*4983

3BT9S

91

Overseas Traders (16) ...

436.49

-06

914

853

1525

w

43)37'

02*

TOIf

59351

99

ALL-SNARE INDEX (7S0) .

41120]

+02

—

446

—

4X629

41146

41 UT

0X39

32*42

FIXED INTEREST

AVERAGE ■

ukwtim urn

Low

Cmm

15 yeln,..+

25

iim.,.,..
»*•«..+-
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- •• 15

3 years.. ...

...1

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Tkor

Men*

24

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119

mi

MJ5

Oft

1142

M*

All

Wed

March

23

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1434.

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trial yield. HlgteaixUoyei record, base dilet, yzfaesxndcaiwUuieBt cheapdim pnMbbtd Id SaORttay teues.*iiWrimolceou8ecwa h
MHaMe from the Publnhen, The FtomtcM Times, Sracten Ham*. Cmm* Street London. EC4P 4BY, price 15ft By prat 20*

Stewart Nairn. Abwooa maenme Drc(rc AMn rA , > c
Tools, Caipets International, KDath ftWU r ALL3

Lucas. Amalgamated Estates,

Rda Falla Seme

Finance,

North

.1 echnology and
Machine Tools,

British Funds

.... 75

S

18

Corpus. Dom.

foreign Bondm ..

8

... 33

2

43

.... a as

228

660

Financial & Praps.

... 178

MJ

285

Oils

.... 28

26

68

Plantations

... 1

3

18

Mines

... 4ft

32

74

. 60

33

70

Totals

.. 684

3B5

1.424

FINANCIAL TIMES STOCK INDICES

Mar.

SA

Mar.

28

Mar. Mar.
22 2X

Mar.

IB

Mar. year

17 ago

Government Sees. «J-M 7 ».®8 W.W BO.02 B0.74 81.40 G8.91

Fixed Interest. 82.39 32.06 82.48 62.35 82.90 B3.X4 6B.68

Industrial Or d. ««.8 fiM.ff. ’ OfiO.4 65B.S £62.0 601.0 M0.»

Gold Mince 500.7 549.3 BSB.B 535.6 591. 2 548.0 240.7

OnLDiv.YlekL. 4 -31 4.94' 4.89 4.94 4.B7 4^8 5.61

Earning*. Yld.%(fulH 10.37 10.47 10.37 10.48 1034 10.BS 10.74

P:E Ratio InetU'i H-«5 1131 11.63 11.51 11.65 11.79 HAS

Total bargains. - 22,776 23.535 88,323 24.323 25,20 22,449 23,047

Equity turnover £m. - B06.B6 208.75 178.97 867.21 224.05 141.3

Equity bargain*.. - 18,574 19,774 81*408 84,077 20,431 20,162

Shares traded (ml)... - ■ 188.7 128.1 120.1 175.5 1488 118.4

10 em 5SS.1. 11 am 654.9. Noon 653.4. 1 pm 651.6.

2 pm 651.2. 3 pm 652.4.

asis 100 Govt Sec*.' 15/10/25. Fixed Ini. 1928. Industrial 1/7/38.
Gold Mines 12/10/58 SE Activity 1574.

La la si index 01-248 8026.

Nil- 10.89.

HIGHS AND LOWS

' 1982/3 Since Com pi let' rt

• .1

High , . Low High . Low

S.E. ACTIVITY

Mar. | Mar.
23 : 22

Govt. Secs .. 05.84 61.89

i.5 n i) (b, titrej
Fixed lnt_ ' 87.02 ; 62.79
; 112/IT) | (7; 1/82)
Ind. Onr ....’ 873.6 ' 51B.1
■ (IS 3l8Si i (Sil.H)
Com Minea.. 734.7 1 ibiji
. < 16:2.84, (22,-fl).

1 t

. -Dally

• 127.4 49.18

milB) (Bill 75)

' 150.4 6033 J Bargains .

(28/11/47) {8/1/75J \ Value ..

673.6 ' 49.4

f*«!‘SS. 206.4 213,0
■ 734.7 43.5 I Equities

(IS/2/83) (28/10/71). Bargains ..

• .value

186.3 192.6

120.3 128.1
416.9 417.9

135.1 137.1

437.9 443.4

■ V. ju

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17

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CLASSIFIED

advertisement

RATES

Grngfe-
Par -column
B*W . m

Commsrclot & Industrial - £

rroporty

Baa/dencre/ Pre perry
Appointments
Buainnas. Investment
Opporturii tuts
Businesses (or/Sale
Wanted
Fornofial •

Motor Cars

Hotels 6> Travel g no . 50.00

n^L r n Cl i, J Bnd9r » . B-DO 37M
Book Publishers . n*t 52 W

Prwmlum peeftioM mmtTMiW - -

/MtaHMum 30 eaharai ml • •
Co .00 Mr stogie eobam on. extol
for further tfararff wrfte tor. •_'*
dBssiflad AdrertisemoBt

• Uuiutger f -.■
FiiuotiBl TUtrt*.-
10, Canuoa street* ROfif

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2790

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_ 0-50

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- D 50 -

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080

; ■•26.00

0 00

3000

Financial Tiiaes Friday March 25 1983

35

COMMODITIES AND AGRICULTURE

>■** .'sS'.S

*• Hp„ 4\i(j

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“ADA

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,■■<■ ■ ,i
i *'

Blended
credit
for Chile
approved

THE - U.S. Agriculture Depart-
ment has approved a $144.5m
(£95.69) package of blended
credit and commercial credit
guarantees for Chile to finance
a Im-tonne ' grain ' purchase,
Reuter reports.

The package will provide for
the sale of about 700,000 tonnes
of U.S. wheat and about 300,000
tonnes of U.S. maize. -

The credits will allow Chile
to increase its. total grain im-
ports 'above previously planned
levels, said Mr John Bloch.
Agriculture Secretary.

Mr Block, 'speaking on his
North African-Middle East tour,
said no decision 'has been taken
yet on whether the para rat-in-
kind (Pik) programme will be
extended beyond the current
crop year for wheat and maize.
"Weather- would be a factor in
determining extension of the
programme, he said.

Meanwhile, in the wake of
farmers’ response to the Pik
programme, the Agriculture De-
partment has made the follow-
ing initial projections for 1983.:
Maize, 5.64m bushels ; all wheat;
2265m bushels ; soyabeans, 2Jm
bushels cotton, 92m bales.

K. K. Sharma ' writes from
New Delhi: A severe drought
In- 10 of Indians -22 states has
badly damaged the winter crop
and heavy losses in foodgrain
production are feared for the
second successive year.

The drop-in foodgrain pro-
duction could be as much as
10m tonnes, according to un-
official estimates. This will
mean a serious depletion of
food stocks ana make further
imports of wheat and other
grain inevitable. .

The Government is not mak-
ing any announcement of the
quanity of imports required bat
ur V. P. Singh, the Commerce
Minister, has said that these
will take place again this year.

Cocoa council likely to delay
buffer stock buying decision

BV JOHN EDWARDS, COMMODITIES EDITOR

THE TWO-WEEK session of the
International Cocoa Organisa-
sation (IGCO) in London is ex-
pected to end today with .no
agreement to resume support
buying by the buffer stock of
the International Cocoa Agree-
ment.

It was understood yesterday
that a-fnll meeting of the Inter-
nationa] Cocoa C ouncil today
will formerly approve post-
poning any decision on renew-
ing buffer stock buying until
its next meeting from July
11 - 22 .

Delegates at the talks have

failed to agree once again on
how to utilise the 375m loan
obtained from a Brazilian bank-
ing consortium to strengthen
the buffer stock resources. At
the same time there is now. an
additional S33m available to the
buffer stock accumulated from
the 2 cents a pound levy im-
posed on cocoa exports. Little
progress appears to have been
made either on preparations for
negotiating a new international
cocoa agreement when the
present pact expires at the end
of next year.

London traders bad already

discounted the possibility of
renewed support buying being
authorised. However prices on
the futures market eased again
yesterday in spite of the weaker
trend In sterling and news that

the Ghana government had
launched an emergency pro-
gramme to help cocoa and
coffee farmers hit by bush fires
recently.

London coffee futures prices,
however, rose to new highs
yesterday. The May position
closed £10.5 up at £1,898 a
tonne after climbing to £1.920
at one stage.

Optimism on tin group

BY WONG SULONG IN KUALA LUMPUR

DATUK PAUL LEONG, the
Minister, yesterday expressed
Malaysian Primary industries
optimism that an association
of tin producing countries
would be formed soon.

Mining ministers from
seven tin producing countries
— Malaysia, Indonesia, . Thai-
land, Bolivia, Australia,
Nigeria and Zaire — ■ will
meet in London on Monday
to discuss the articles of the
proposed association.

... Datuk Leeng. who is head-
ing the Malaysian team, did
not indieate how some of the
differences between Malaysia
and Indonesia, which he had
earlier acknowledged to he
“ fundamental,” could be re-
solved. -

However, it is understood
that since die technical
experts meeting in London
last mdnth, there have been
contacts between Indonesian
and Malaysian officials, and
differences have narrowed.

Formation of the tin pro-
ducers association has been
' held up because Indonesia Is
against the Malaysian pro-

posal that the association
should have powers to operate
a buffer stockpile and impose
export controls, while
Malaysia does not agree with
the Indonesian view that
decisions of the association
should be by consensus.

Commenting on tin prices
which have risen to a record
high of over £9,000 per tonne
on the London Metal
Exchange, Datuk Leong said
the price rise was deceptive
because of the decline in
sterling;

• John Edwards writes: The
further fall in the value of
sterling helped push tin
values to record levels on the
London Metal Exchanges
yesterday. Cash tin closed
£20 higher at £9,1572 a tonne
in spite of the Straits tin
price In Malaysia remaining
unchanged at M$30il a kilo.

Copper prices advanced too,
following heavy baying inter-
est by speculators covering
previous sales. The cash price
of high-grade cash copper
dosed £2&5 up at £1,981 a
tonne.

West Germany
faces cod ban

WEST GERMAN trawlers could
be barred from Canada’s cod
fisheries following a further
round of inclusive talks aimed
at resolving the dispute be-
tween Ottawa and the EEC over
their Long-Term Fisheries
Agreement (LTA).

Officials yesterday described
the two-day talks as “ useful in
defining the outstanding prob-
lems." bat it was dear that no
conclusive progress was made
despite indications that Canada
may be prepared to soften its
demands.

Canada bad been insisting on
hefty compensation for what it
says could be 1982 losses of up
to C$12m because of unforeseen
restrictions in the EEC’s ar-
rangements for taking Canadian
fish-product imports.

Instead. Canada appears to
have concentrated in the latest
talks on seeking greater future
access for its products.

Under the six-year LTA
which came into force at the
beginning of last year, the EEC
is granted fishing rights, pri-
marily for West German
trawlers, in return for accept-
ing Canadian imports on pre-
ferential terms.

Slower
decline in
liquid milk
consumption

By Richard Mooney

THE RATE of decline in liquid
milk consumption in England
and Wales slowed considerably
last month. At 477.4m litres the
total was only 0.4 per cent down
from February 1982 compared
with year -on -year declines of 3.6
per cent in January and 1.7 per
cent in December, according to
provisional figures published by
the Milk Marketing Board.

Total deliveries of milk off
farms rose 10 per cent com-
pared with February 1982 to
1,090.9m litres and supplies
going for manufacturing were
up 19A per cent at 613.5m
litres.

• SENATOR Strom Thurmond
has urged the government to
implement President Ragan's
decision to upgrade the U.S.
chromium stockpile. hTis could
help save Macalloy, which con-
verts chromium into ferro-
chromium alloys, from bank-
ruptcy.

• THE Chicago Board of Trade
plans to start trading crude oil
futures contracts at 9 am on
March 30.

• DENMARK is to ask the EEC
to take retaliatory trade
measures against Sweden and
Norway because the two Scan-
dinavian countries have refused
to lift restrictions on imported
Danish meat and dairy products
imposed after outbreaks of foot
and mouth disease.

• AN AGREEMENT allowing
commercial tuna fishing boats
from the U.S., Japan and other
countries to fish within 200
miles of Central and South
American Pacific coastline is
expected to be^me effective
later this year.

• MR PETEK POOLET, an
Agriculture M in 'Ary Under-
secretary. is to become Euro-
pean Commission deputy
director-general (agriculture),
succeeding Mr David William-
son.

Moralising and philosophising
over subsidies and shortages

FIFTY YEARS ago the world's
grain and other food markets
were overflowing with produce
far in excess of economic
demand. At the same time a

great many people lacked the
basics of nutrition and some
were dying of hunger.

Farmers almost everywhere
were fighting desperately to
survive, nowhere more so than
in the U.S. This was when
President Roosevelt laid down
the remedy of paying people
not to groduce grain and any
other food commodity in
surplus.

This policy known as “ set
aside.” was practised off and on
in the U.S. until a few years
ago.

Exactly the same situation
faces us today except that the
quantities in surplus are much
greater because of fanning
improvements. The under-
nourished. too. are more
numerous than they were.

Inefficiency

Now the U.S. has come up
with another restrictive prac-
tice called " Payment in kind ”
(Pik) which Mr John Block.
U.S. Agriculture Secretary,
spoke of proudly at the FT con-
ference this week on world out-
look for grains.

Nothing underlined the in-
efficiency of the world's present
economic management more
starkly than to hear Mr Block
announce a return to the basic
philosophy of engineering a
shortage to force up prices. Of
course, the audience applauded
him.

After two days of comment
on the state of the cereal
markets even the most obtuse
participant must have become
aware of the bearish flavour of
most of the papers.

Summarised, they held out
no hope of market improvement
for the rest of the decade and
foretold even more bad-
tempered wrangling between
the EEC and the other food
trading countries on the ques-

tion of export subsidies and
other impediments to the free
movement of goods throughout
the world.

I asked Mr Block if he ex-
pected tbat the EEC would
reciprocate and actually do
something to reduce its own
excessive output and consequent
dumping on world markets.

He seemed to have little
more than a faint hope of a
constructive approach to this
subject, and he gave me more
than a hint of an extension of

Farmer’s viewpoint

By John Cherrington

the sale of subsidised flour
which the U.S. had made to
Egypt, about which the Com-
mission and the French arc
very aggrieved.

He is now visiting potential
customers in the Mediterranean
and Middle East.

In fact, both sides in this
argument have doubtful justifi-
cation for their behaviour.
Because it laid down the basis
of a Common Agricultural
Policy some 2t years ago which
included subsidising food ex-
ports. the EEC seems to think
that other countries should
accept the principle but not ilo
likewise themselves.

But the Americans also subsi-
dise their farmers and their
exports. The only difference
between them is that U.S.
fanners are subsidised at a
much lower level per individual
comodity than those in the
Community.

In grain, for instance, the
American farmer gets about
two-thirds od the EEC price.
It is also ine to say that U.S.
output of grain and milk has
increased even faster than that
in the EEC. Nor did Mr Block
elaborate on what would hap-
pen to Pik next year. Was it
going to be a continuing policy

or just a one-off affair?

There were hints, too. that
other countries were going to
have little to do with restrain-
ing production, Canada,
Argentina and Australia arc
pushing up output as hard as
they know how. while even
highly industrialised Japan is
sheltering its farmers on the
some lines is any other protec-
tionist country.

A little, but not too much,
was made of the fact that
-■•hould Russia and the Eastern
bioc have a good harvest and
cease Importing The results on

the world’s farming t-conomies

would be catastrophic.

As a farmer benefiting from
the CAP, I cannot help wonder-
ing sometimes if the protection
afforded me by lhat policy is
going to last forever. Will the
taxpayer and consumer be
happy to sustain European far-
mers in the manner tu which
they have been me accustomed
forever, while the rest of the
population is suffering unem-
ployment and reduced living
standards?

Vulnerable

I don’t expert an immediate
attack but I do feel that cereal
growing could be extremely
vulnerable in a search lor
economics.

The arguments for attacking
this sector are cogent. Cereal
farms are large though the
numbers involved arc small as
compared with say. d.nryin>\
Minorities suffer in democratic
institutions.

There is little danger of
shortage. The world is lull of
grain and ihere is potential for
a great deal more. As for the
hungry people who are always
being called to mind, I am
afraid they must either learn lo
grow the food themselves or do
without as they always have,
even in the ’thirties of which
today’s circumstances are a re-
reflection.

PRICE CHANGES

BRITISH COMMODITY MARKETS

In tonnes . Ma r.34 I + or
unless st a t e d ! 1985 I —
otherwise 1

Month

ago

Mar. 84 ’ + or( Month
1933 | — | ago

««».. ! ! ■

Aluminium : £810*818 '£810/815

Free MkX. S1299/1270-.. 412ft, 236

Copper 1 /

Cosh h grade... £1081 +»A£lllfl

l irtlM. I£ 1113.78 +07 XHWJffl

Cash Cathode £1057.75 +2BX6C1Q96

3 month* >£1080.5 .+27 {£1186

Cold troy oar ... 3416 +5J6, 3474.5

Lead Cash £899.6 +3 te305.85

amonthy-.^£31D.75‘+3 £314.85

Motel ..< 4*611 5*384

Pro a mkt 2 20 / 260 c n»/ 2 ffic

Palladium '«99*& '+BA 1*1 15.76 ..

Platinum.. --.—-£267.95 + 5.8 £894.90.'

Quktkjdtverl -.'SKflrMO - . SMOjtM

Silver troy ox- 788.50* +21.86 WW.lOp
3 mthe... -...,•74060* +2Xt»912L80p

Tin OBSh ...-.,-£0187.6 (+80 (£8717.6

8 month £9188.5 +26 <£8718.0

Tungsten 385.75 > !*64.66

Wotfsm Mill lb:389flHr • — 980/88

Zina Cash .£487.6 ’+88 U5448.6

3 mths £488 JS , + 6 [£445.5

Producers .'..'3760 : JffTBOrtW

Oils I '

Coconut (Phil) !*495 w ,+5 ,3467.6

Groundnut 1 t i i

Linseed Crude |

Palm Malayan !339Ez #372.6

Seeds ! ( I

Copra Philip ...-S3S5y ■_ S315

So^S«sn (U S0 JaS6 5x • 9840.25

Grains 1 I 1

-Barley Flit. Sep £1 10-75 £120.60

JUm —I 2 ri33.70

Wheat FUt. Jul fcl53-3S +0.2 £152.90

!*©8 Hard Wlirt; ; I r t

other- I l :

csrsTtfitw. •!-. '{imm

Fut. May £1258.5 -5 ,£1894.6

Coffee Ft. May [£1868.5 s+NAHMB
Cotton a. index.80.i0o ,+a£i7e.qoc

GAS Oil Apr r#232.5 1+4.76 3839.5

RubbertldkM ...[74o ..|71.85p

Sugar (Raw) ...ttlOSyz |+ 1 £104
Woolf pt Mr. |409i> kilOi+-4 (402pkJk>

t Unquoted. * April, x May. w April-
May. y Merch-Aprlt. t Per 16-lb flask.
* Ghana cocos, n Nominal.

LONDON OIL
SPOT PRICES

1 Late st

CRUDE OIL-FOB I3per barren

Arabian Light. -

Iranian Ught- .•—66.10-27-80, —

Arabian Heavy- >26 ■ +0X6

North Sea (Forties) ££90-25,0* -

North Sea (Brent).— ! —

African! Bonny UTrtggJP i —

PRODUCTS -North- Weat Europe

GIF if per tonne) .
Premium gasoline.- [874-878 i + 1.0

oas on .-.jrrr: ... ..5f gw : -o.s

Heavy fuel oil- >..1167-1601 —

GAS OIL FUTURES

The market wee revivified, influenced
by New York. Prices were steadier on
the opening and, after a bnai dip in
the morning, finned again, reports
Premier Man.

Turnover. 3,645 (2.575) tow of 100

tonnes. __

Month iTarfday*! + or. ' Business
Monin | dose | — i Done

3UA I |

per tonne* •

March - I B3J5.00 -+1.MB3.M 3ZJN

Abril I 888.50 i +4.75 SiiJJO-29-SB

May.- I 231 .SO , +430 S5a.DO-za.oo

dune i 230.00

July. I 828.80 . + 3.75 2S 1.00- 88.00

Aug- J 831.75 /+4.B3 21X0623.73

Sept. 233.60 -t-5.50254.M-M.5Q

Oct J 23485 ;+ 4. 75X54. 00- 50 -St

Nov I 234.00 ,+8X6.254.72

GOLD MARKETS

Gold rose $9} an ounce from
Wednesday’s close in the London
butiian market yesterday to
finish at £414$-15}. The metal
opened at £4144-15} and traded
between a lew of $414-15 and *
high of. $419*-«H. The market
■was very active in a narrow
range. It had been expected to
weaken but prices were boosted
by Wednesday night's short
covering in New York.

In Frankfurt the 12} kilo bar
was fixed at DM 32,270 per kilo
($416 per oz) against DM 32£20
($415) and closed at $415-16.

. In Vmoemhoarg the dollar per
ounce equivalent of the 12} kilo
bar at the fixing was $416.75.

In Paris the 12} kilo bar was
fixed at FFr 97,200 per kilo

GOLD MARKETS

($418.26 per m) in the afternoon
compared with FFr 97.000
($415.71) In the morning and FFr
9<M)00 ($41057) on Wednesday
afternoon.

In Zorich gold finished at $414-
$417 per ounce.

LONDON FUTURES

Month

YosTrUay's' +or I Business
close I — t Done

! 3 per troy
eunoe

i I

April 14 15.00- 15.2 +S.OSO 421.00-14.8

May. 417.30-T8J t-6JXW: -

June... A21^0-82^-+fl.500 427.00-21 J

July *24.00- 25.fr +5.868487.00

August .i... (427.60-28.0 +6 ,7sa;44aoa2fr2
Sept 1*30.80 3 IA.i3.7M. —

Star. 24

Mar. 23

• Gold Bullion (fine ounce)

otnu iH141g-41Ble (£283-283*,] - 8408^-400^4 '£280-260*0

•gass*

(£983.579] !b410 |£2B0.43Si

Opening .awe** ^

trsai'iX-jSii*.

Krugrnd .
k Krg
>4 Krg . '
TfW Kmg

.3486-487
Sai91f220Ia
31 UV 11294
M8lg-48I S

(duple Leaf

NewSev , *8710-981*
it New 8ov I|fi8 60

. Gold Coins Mar. 84
(£89054-291 !*) King Bov *102 104
|£149V150lfl] (Victoria BOV *102-104
(£7614-77). . .'(Proneti 2 Us *22 94
irai Slhl lio pcsco Me* F5BSB11
(£890l4-89H*rpO0 Qor. Aurt *403-407.
(£6612-67] 320 Eagles 3655-675

(£301*41) )

(£69la-71l
(£69>c 71]
(£6214-64)41
(£M7>s-548>
(£275*4 -2781
(£279 992 !«)

EUROPEAN MARKETS

283.90. Nov 263.90. Dec 267.60. Jan

ROTTERDAM. March 24.
WHEAT— {U.S. t par «""•): U.S,
No. 8 pei loiwo): .U.S. No. TWo Red
Wmier April ITL May 171,. June .1 55.
July 164. Avgust 166.. . U.S. No.
Three -Arober Durtim ApriJ/Mey 183.
May 182. June 1« July 163. August
IBS. U.S. No. Two- Northern Spring
14 per vent- April 180. May 179.50,
June 179 JO, July 179.60, August 1S0.SD.
Canadian Western; Bed Spring April/
Mm j96— -

MAIZE— £U-S. S per tonne): U.S, No.
Three TtHiow March 144. April 143,
May ■ 744.- June 145. Jufy/Scpr 146,
Oct/Dee 142. Jan/March 148 sellers.

SOYABEANS—{U.S. S per tonne):
U.S. Two Yellow . GuKportt Apni
280 . 50 . May 251.78, June 2&4.7S. July
257.1ft . Aua«« '-28V Sept 263.80.

2711)0. Feb 276 sellers.

SOYAMEAL— (U.S. S per tonne); 44
per eem April /Sept -223. Nov/Maith
243/243.50 traded: afloat 219. March
219, April 220. April/Sept 523. Nov/
Match 243.50 sailers. Pallois Brazil
afloat 232. April 229. May 220. April/
Sept 231 seiiera.

PARIS. March 24.

Coco»— (FFr por 10 kg): March 1305
1315, May 1358.1356 50. July 1365 bid
Sept -14*2-1443. Dec 1417-1436. Mater
1430-1455. May 1460-1475.

Sugar*— (FFr per loitns) : May IwSO
1565, July 1620-1640, Aug 1&1-1GS6
Oct 105-1030. • Nov 1690-1700. Dec
1760-1765. March 1880-1865. May 1910
1920.

BASE METALS

ICTAL PRICES rose sharply on the
London Metal Exchange. The failure of
copper values to move below ihe
El .080 on Wednesday encouraged heavy
short covering and renewed buying
In is rear which saw three months metal
break through significant chart points
and touch a day's high of £1.117 before
cloeing si El. 111. Other metals regis-
tered sympathetic gains, especially
Aluminium. £90 6. after £906. Lead
dosed at £308.5. Zinc at £478 and
NicfceJ St £3.420. after £3,430. Tin
moved up to a record £9.180 but
closed at £9.170 following light profit-
taking.

COPPER

Michel — Morning: Three mon--V>
£3390. 95. 3400. 1ft 20. 19. 2ft 25. 20.
Kerb: Three months £3430. Afternoon:
Three months £3415. 20. 25. 15. 10. 15.
13. Kerb: Three months £3405, 10. 05,
3400. ID, 20. Turnover 1,962 tonnes.

SILVER

UUE— Turnover 172 (137) lota of
10.000 oil. Morning: Three months

744.0. 44.5. 43.0. 41 .ft 42 J>. Kerb:
three months 743 J). 43.fi. Afternoon:
three months 739.5. 40.0. 38.0, 38.5.

38.0. 37.0. Kerb: Three months 737.0,
38.5. 35.ft 38.0.

£63.40 before buyers re-sseerted them-
selves. New crepe attracted some more
fniarest. with light trade in all posi-
tions. reports Coley and Harper.

lYastard'y • Previous I Business
Month ■ do ee > does 1 Done

COTTON

£ par tonne

April _ 57.10
May .... 64.70

Nov 6730

Feb 7730

April ■■■' 87.50

68.60 I6S.2B-65.M
64.90 ’ H.1B-B1.4I
67.40 1 37 AB

77.60 7781
8880 ! tS-KJ-B? JU3

MEAT/FISH

s.m. |+ or p.m. ;
Official I — ‘Unofficial!

+ •

HtflhGrdo; £

Cash KJB03-1.5+M 1080. 5-1 3+20 J

8 months 1 1 13.9 -4) «28J, 1113.5-4 *23

Settfem'tj 1081.6 .+W , — j

Cathodesl I ■

Cash 1058-61 +28.7 1057.5-8 +88 J

3 months. 1090- .5 +27J, 1089-90 +17
8etUem'ti 1061 +23^ -

IL6. ProdJ — ^ r _l ^794M_

Amalgsmated eMlal Trading reported
that in tha morning Higher Grads
traded at £1106. OS. 07. 06. OB. 10. 11,
12. IX 14. IX 13.50. Cathodes: Three
months £1080. Kerb Higher Grade:
Three months E111X 17. 75.50. 15,

15.50. 16. Afternoon: Highar Grade:
Three months £1113. 14. 13.5a 13.

13.50. 12.50. 13. 13.50 14. 1350.

Cathodes: Three months C1089. Kerb
Higher Grade: Three months Cl 113.
IX 11.60. IX 11. 10.5ft 10. 10.50.
Turnover 37.575 tonnes.

TIN

SILVER

per

troy ee.

Bullion
' fixing
price

+ or

L-fiLE.

' p.m.
Unoffic’l

+ or

spot- i722.50p ;+*IJ

8 monthe.f740.50o '+2Xfl
6 months. 757.000 ,+2X3
I2mofrtb»792.q0p_ +2X0

716o

757 X8p

•+19J

+20.7

Silver was fixed 21-9Sp an ounce
higher for spot delivery in the London
bullion market yesterday at 722.50p.
U.S. equivalents of the fixing levels
were: spot #10.575. up 34.46c: three
months S10.8D5. op 33.4c: six months
S1 1.027. up 33c; and 12 months 311.517.
up 32^c. The metsl opened at 719-
722p (S10.48-10.53) and closed et 717-
720p (S10.50-S10.56).

COCOA

Having failed to make the dues,
futures drifted uneasily within a narrow
range. Physicals were generally dull
although there was light products off-
take in the second hand market, reports
Gill and Dufl us-

lYast’day'i! -*■ or| Business -

COCOA

Close i — j .Done

I — — 1-

ȣp ertonne'

TIN

'j a-m. +or p.m. |+i
! Official ' — Unofficial! —

High Orde- £ ' £ £ „

Cnh. 9168-62 flU 9165-60

S months, 9166-90 +25 9180 5

SetUeniME i 0168 +19 —

Standard.!

Cash. I 9158-88 +186 915S60

a months! 918690 +*» 9180-5
SetHem’C 9162 +19 —

■traits E. J550.S1 ~ —

New York'

1 £
+20
+25

+20

+25

Tin — Morning; Standard; Cash
£9190. 58. three months £9185 90.
Kerb: Standard: Three months £9195,
80. 75. Afternoon: Standard: Cash
£9180. three months £8180. 77. 78. 80.
Kerb Standard: Three months £9190.
70. Turnover 1.145 tonnes.

LEAD

I Bum.

1 + Or

LEAD

■ Official

-

Unofficial; —IF

i £

i £

£ ! £

Cash ' 297.5«+S3< 899-300 +3

3 months! 308.5 9 +3.5 310.5.1 +5

Bettfem't- 80S +4J —

U.S. Spot! —J'.— ~ •

Lead — Morning: Cash £297-50, 88.

Three months £310, 08.50. 09. 081 09.
Kerb: Three months £ 309, 09.50. After-
noon: Three months £309. 09.50. 1ft
11. Kerb: Three months £310.50. 10.
11. 10.50. ift 09.50. 09. 08. Turnover
1X450 tonnes.

ZINC

ZINC

a.m.

Official

+ or. p.m. 1 + or
; — -Unorridai — t

1 *

. £ l

£

1 £

1 4 BB-9

+B.25

4«7-8

+0.5

+9.1*

4B8-J

+ 6

8ettlem’t' 409

Prlmw'tal —

+8i

■40.-75

Zinc — Morning: Cash £467.50. 68.

three months £484.50. 85. 84.50. 84.
85. 84.50. 84. 83.50. 8X 84. Kerb:
Three months £484. 83.6ft 8X 8X50.
Afternoon: Three months C482. 81. 8X
82.50. Kerb: Throe months £481, 80.6ft
80, 79. Turnover 20,350 tonnes.

March 11948-50 i-AJi 1865-501

May 1258-50 ,-5.0 i 1878-58

July ,1876-77 I — 4.5 - 1891-73 :

Sept.. 11898-93 -3J5 ' 1306-90

Deo ,1313 14 |-2J) 1388 00

March '1331-37 —2.0 • 1S34-BB;

Mav -1346-48 !+l.S i 134*34

' Sa'lesf 3.969 (4.140) lots of 10 tonnes.

ICCO-— Daily price lor March 24: 81 .11
(80.68). Indicator pnees for March 25:
80.97 (81.33).

COFFEE

Fresh contract highs were against
established in setive' trading, reports
DrexeJ Burnham Lambert. Gams ol up
to £43 were registered due to com-
mission house buying but prices
retraced toward* the close before trade
support prevented any ahirp decline .

mcrrF 'iYaatorday* a, ~~ f

COFFEE I Close |+ or ‘Business
! - j Done

March } 1921-89 < + 28.01943^0

May 1807-90 '+10.5. 1 620-00

July 1736-39 !+ 11.5 1759 50

Sept...- 1671 72 .-2.0 1695-70

Mov. 1617-19 -6. 51544- 2 6

January ....< 1689-05 i +7.5 160089
March ... ■! 157080 1 + 25.0! 1666 -60

Sales: 6.327 (3.226) lots of 5 tonnes.
ICO Indicator prices for March 23
(U.S. cents per pound): Comp, daily
1979 124.34 (123.37): 15-day average
123.04 (12230).

GRAINS

8usineas done— Wheat: May 13880-
6.60. July 138.80-8-35. Sept 117 20-7.10.
Nov 119.75-9.65. Jan 122.90-2.80. Sales:
292 lots ol 100 tones. Barley. May

122.00- 1. 90. Sept f 10.75-10.70. Nov

114.00- 3.95. Jen 117X5 only. Seles: 50
lots of 100 lonnaa.

The market opened unchanged.
Nervous country buying pushed prices
higher after which they drilled until
shippers offered wheat. New crops
were again hr mbut lightly traded,
reports Acli.

Turnover 1.388 (1.217) lots of 40
tonnes.

RUBBER

The physical market opened about
Slightly steadier and with little physical
interest throughout the day closed un-
certain. Lewis and Pest reported an
April fob price lor No. 1 RSS in Kuais
Lumpur of 230.0 (237.5) cents a kg
and SMR 20 237.0 (236.0).

No. 1 ^Yeaterdys Previous J Business
R.BJL ' cl ose t close ' Done

£ per tonne 1

Apr. : 735-750 748 778 , —

Maw 746-755 :7D6-760 • —

Apl-Jne I 744-747 ;761-753 .750-743
Jly-Septl 767-769 771-773 773 763

Oct- Dec* 794-796 '798-797 '707-768
JanMch. 81B-819 : 820-823 —

Apf-Jnei 840-845 -947-650 ! —

Jly-septj B70-874 B7h«79 i877-868
Oct-Poc , B92 -8S5 308-901 893 800

Sales: 240 (204) lots of 16 tonnsa
nil (nil) of 5 tonnes.

Physical closing prices (buyers)
were: Spot 74.00p (same): Aorit
74.75p (75.50p): May 76.26p (77X&P).

SOYABEAN MEAL

Prices opened £150 higher on follow-
through buying, reports T. G. Roddick,
but eased from the highs on slight
profli-uktng.

.Yeistercfy’e + or Business

I Close ■ — Pone

i l ■ r >

per tonne!

April I51.M-U.fl +0.33 163.80-6S.9S

June IHUMU -t-186 lUM-64^0

August ..... 166J3-M4 + 1.10 15333.S5.80

' 18236-MS + O.SS 16S.8OCL40

1 M. 1348 A\ + 1 .80- 178 J0-W8O
17133-748. + 188 17130-7330
173.73-74.4, + O.W, 17430-7330
SOYABEAN OIL— The market 'opened
S3. 00 higher in quiet trade but eased
on mixed selling Close (U.S. S per
tonne): April 402. 406.50. 409-407,50:
June 417.50. 421, 4^3-421.50, August
429. 433. uniraded; Oct 442. 447, ur>-
treded: Dec 458. 461, uniradad: April
485. 477. untraded: June 475, 481.
utrtradad. Sales: 34 (211) lots ol 2fi
tonnes.

SUGAR

LONDON DAILY SUGAR— Raw sugar
€108 (£107) a tonne elf March-Aorll-
Msy shipment. White sugar £146
(same).

Prices Initially eased from overnight
levels on profit-taking before the weak-
ness of aierimg discouraged sellers
from offering at the lower levels. Later,
aa New York quotations improved, ell
tha losses were lecovnrad. reports C.
Czarnikow.

No. 4 Yesterday! Previous ! Business
Con- j dose ! dose j done .
.tract : !

INDICES

FINANCIAL TIMES
Mnr7B3 ~Mar. ZZ Mfth ogo yaF ago
871.91 268.19 2 SB -38 ‘846.34

(Bass: Juhr 1 1952-100)

REUTERS

Mar~. 84 ~Mar. n M~tti ego Y'er ago

1752.8 17414 1701.6 ‘ 1592.4

(Base: September 18 1931- 100 j*

MOODY v S

filar. £5 Mar. 12 Wtfiago Varago
1030.3 103 9. 5 1065 J 1 999 Jt..
(December 31 1931—100)

DOW JONES

'Dow', Mar. r Mar.' MonthT Year
Jonea '85 ■ ££ ■ ago j ago

Spot 136J2B. 137.05 144^81126.49
Fufre 1143.19 141.75 148X61 158.68
(Base; Oocembtr 31 1974—100)

Dec

Feb 1

April

£ per tonne

WHEAT

BARLEY —

May ...'120302835 111.30 1X78 I20.7S- 17.90
Aug... 127.76-2836 ‘1263S-S.6012836-ZB.76
Oct... 1H3U4.7C ‘ISUBSMS IKJB-3X76
Doe. . 1 4D.264933 I3SJ8-M36' 748.00
March 1 BO JO- 6030 148, 254830, 160.00-4830
May.. . .16338-6*30 161.0038351 t523S

ALUMINIUM

Aiuminim a.m. ,+ or p.m. + or
! Official [ — j Unofficial -♦

c I e : k it:

Spot B76-9 +153 876-B +153

d months! 906 -.5 ,+16.7 905-.5 +18

antttsj 9

'Yesterd'ys f or lYeafriTys + or
Mnth | close \ — • close | —

; j .- |

filar. 235.60 —036; Z3Z.95 <+0.05

July I 13835 -031 - J -

Sep J 117.15 .-035 110.76 . —

NOV. I 119.65 : — 0.85 113.95 . —

Jan.,.j 122.80 -0.10' 117JS ; -

\

Aluminium — Morning: Three months
£899. 900. 07. 02. Ol. SCO. Ol. 900.50.
05. 08. 07. 08. 07. 06. 07. 6.50. 06.
05.50. 06. 06.50. Kert»:-Thres months
C907, 06. 05. 06. Afternoon: Three
monlha £906. 04.50, 06. 05. 05 50. 05.
Kerb; Three months £904. 04.50. 0*.
03. 02. Turnover 27,500 wnnes.

NI CKEL

NICKEL i a.m. *+ or! p.m. [+ or
i Official ! — ; Unofficial ' -t

; , l .

:pOl .... 3540 50 +42.5 5330-40 +34

• months, 3420-5 rill 3413 20 +36

* Cents per pound. 4 MS per kilo.

• On previous unofficial cluea.

KG CA— Location >l es-farm spot
pnew Feed Barley: S. E;st 125 Oft
N. West 122.50. Tha UK monetary
coefficient is 11)10 eBecuve from
March 24 and is s* peeled lo remain
unchanged lor the woek beginning
Monday March 28.

LONDON GRAINS — Wheal: U.S, Dark
Northern Soring No. 1 14 per cant
May 134.50, June/July 134.50 Iran*
shipment east coast se'lars- English
feed fob Sept 120 east coast seller.
Barley: English feed lob March 12630
Gunn bgs April 12S.7&. Gunness April/
June 12B aast coast. Sept 113.50 east
coast seiiera. Rest unguoted.

POTATOES

Long liquidation on April pushed the
price down to £56.50. taking May tc

Salas: 2.504 (2.727) Iota of 50 tonnes.
. Tate and Lyle delivery price lor
granulated basis whrN sugar waa
£405.90 (same) a tonne for home trade
and £213.50 (£272.50) for export:

Internet ton af Sugar Agreement (U.S.
cents per pound) fob and stowed
Caribbean porta. Prices for March 23:
Daily prices 6.14 (6.22): 15-dav average
6.13 (same].

WOOL FUTURES

SYDNEY GREASY WOOL — Close (In
order buyer. seller, business).
Australian cants per kg. May 563. ft

563.0. 569.0-562.0: July 5B33. 5B5.0.
590 0-583 0: Oct 574 0. 575 0. 577.0-
575 D: Dee 583.0. 584.0. 587 0-5830:
March 801.0. 602.0. 601.0: Marcn 6TO.0.

515.0. 611 .0-610.0: July 620.0. 625. ft
untraded. Sales: 110.

LONDON NEW ZEALAND CROSS-
BREDS— Close (in order: buyer, seller.
butm09B). Now Zoaland cents poi kg.
March 387 seller nil; May 3&X 397.
393-392: August 41Z 420. 414-410: Oct
417. 420. 419-417: Dec 42X 427. 423-
422: Jan 425. 428. 427-424; March 434,
440. 435-433: May 438. 444. 440439;
August 451, 454. 451-450. Sales: 95.

cessed) per stone: shelf cod £5.00-7130.
codlings £4 00-5 00; large haddock
5.20-5.50, medium £4-30-4.00, an»*ll
£2 80-3.60; bear small plaice £4.30-9 70;
skinned dogfish (large) £13 00
(medium) £10.90-1 150: lemon sole
(large) CHAD, (medium) £900; rock-
a s h £3.60; saithe £190-2.40.

COVENT GARDEN — Prices for the
bulk ol produce. »n sterling per
package, except where otherwise
stated. Imported produce: Mandonm —
Cyprus: 5 60-6.40. Ortanlquee—

Jamaican; small cartons 4.00.
■fiend Brines — Spania: 4.60-6.30. Kara*—
Span, a: 4.40-5X0. Wllkinge— Spania:
4.40-5.20. Tangore— Jaffa: 680-7.00.
Orang es Span .a: Navels 5.00-6.50:
Jaffa: Shomouu 40 5 SO. 50 5.80. 60
6.35, 75 6.55. 88 6 65. 105 6 40. 123
6.40. 144 6.25. 166 6 00: Moroccan:
Valencia Lates 5.80-6.50. Lemons —
Cyprus: 91kg 2.80-4.20. Ruby 5.00-5.80:
Jaffa: 274.50. 32 4 65. 36 4 95. 40 5.20.
48 5 20. 56 4.75. 64 4.60. 75 4.50. 66
4.35: U S.; Ruby 6.50.9.00 according
to sue. Apples — Cape: 16 kg Golden
Delicious 11.00-1200: French: 18-kg
Golden Delicious S.OO-B.SO. Stark-
crimson 4.00-6.00. Granny Smith 5.50-
7.50: U.S.: Red Delicious 9.50-12.50:
Canadian: Red Oelicioua 10 00-1 1 .00:
Italian: Golden Delicious 1B-kg 4 50-
4.60. Granny Smith 9-kg 2.80-3.20:
Chilean: Granny Smith 18-kg 9.50-10.00.
PUrp— Cape: Williams Son Chretien
33 lbs 7.00-9.00. Beurro Hardy 7.00-8.00:
Dutch Conference 12-kg 6.60. Cornice
1 4- kg 3.90-4.20: lulran; Passacraasana
12/14 lbs. par pound 0 10-0.16: Cape:
Comice 33 Ibt 7.50-8.00; Chilean: Pack-
hams 28 lbs 7.50. Grapes — Cape:
Ba (links 7 50-6.30: Waltham Cross
5 40-5 60. Alphonse 7.20-7.50. Saiba
6.60-7 00. Strawberries— Israeli: 8 oz
0 50-0.70: U.S.: 12 oz 1.20-1.50:

Spanish: 8 oz 0.50-0.70. Plume C apa:
Sun gold 5.00-6.00 5- 00-6.00, Simco 7 00-
7.50. Kelsey 4.50-5.00. Melons — Capa:
yellow 7.00-9.00. white 7.00-7.50:
Brazilian: yellow 10 kg 8.00-10.00. small
cartons 5 00-5.50; Chilean: 15-kg 10.00-
12 00. Colombian, yellow 15-kg boa
5/6 s 9.00; Senegal: Cha rents is 9/12' 5

12.00. Pineapples — Ivory Coast: 20‘a
0.45. ire 066. 12'B 0 85. 6S& 1.20:
Ghanaian: each 0.90-1. 20 according to
size: Kenyan G's 1.20-1 80. Bananas-^
Colombian,- 40-lb bones 9.60-10.00.
Avocados — Israeli: 2 00-3 80; Canary:
4.00-4.50: Kenyan: 3 60-3-90. Paw
Paws— Brazilian. 5.50-7,50. Kranfruit—
U S : 9.00-S 50. Asparegua— U.S per
pound 160-2 00. Fennel — Italian: 20 lb

5.00. Sugar peae — Moroccan: 10 lbs

7.00. 7 It* 5.00; Spanish: 3-kg 5.00.
Mangoes— Bo* 10QO.

English Produce; Apples— per pound.
Bramtoy 0 06-0 16. Co>'s 0 12-0.35. Ida
Red 0 06-0.10. Spartan 0.08-0 1 E. Cris-
pin 0.06-0.12. Peers — per pound. Con-
ference 0.12-0.23. Cornice 0.1 5-0 J$.

AMERICAN MARKETS

LIVERPOOL— Spot and shipment
solas amounted to 100 tonnes. Mixed
operation! indicated some lieer in-
volvement among spinners. Activity
cantered on Middle Eastern growths
including Russian and Turkish.

NEAT COMMISSION — Average (at-
stock prices at represent Stive markets.
GB— Cattle 94 01 P per kg Iw (-0.50).
GB— Sheep 201 .76p net kg eei dew
(4-13 33). GB— Pigs 67X9p per kg Iw
(- 1 - 20 ).

SMITHFlELD — Pence per pound.
Beef — Scotch killed sides 77.6-61.9.
Veal — Dutch hinds and ends 130.0-

134.0. Lamb— English small 82.7-89.3
medium 78 7-84.0. heavy 73.0-76.5:
Scotch heavy 71.0-76.5: Imported: New
Zealand PL 51.5-52 5. Pork — English,
under IflOlb 33.0-50.0. 100-12016 42.0-

48.0. 120- 1601b 35 0-44.0.

GRIMSBY FISH — Supply lair, demand
good. Prices et chip's aide (unpro-

NEW YORK. March 24.

Commission house liQUidatlon on tho
torture to follow through on tho pre-
vious day’s rally Put tho precious
motels on tha defensive: wool or finan-
cial instruments intensified the Ima
sefl-ofl in gold. Copper prices rallied
on kean trade intoreet from overseas
and on moderate arbitrage action as
sterling stabilised. Heating oil waa
strong following a bullish API report
on gasoline stocks as well as on tha
announcements of BNOC that prices
would hold lor the time being. Cotton
continued to rally on a bullish trade
interpretation of tho Pik programme
participation which Indicates the

sharpnet potonll.il cutbacks In orcia
which traditionally provide stocks for
doiivonos on the Juiurns. Co coo pliers
were lower on do.iler soiling nnd
arbitrage pressure in relativoly light
trading. Cofloo prices wote marginally
lower on profit-taking followinp a sharp
rally on Wednesday Sugar pricus
ralliad on stoarty technical support and
on reports ol activu inquiries from tho
Far Ease probably representing
Japanese interests. Soyabeans finished
mued and maize and wheat fraction-
oily lower on profit-taking following tho
recent rise in pneos: tha celling was
partially oflsut by new spoculativa buy-
ing in anticipation of a further advance,
reported Heinold Commodities.

NEW YORK

SUGAR

centa/lb

WORLD

•• 11 "

11X000

lbs.

COCOA 10 tonnes

S/tonnes

Close

High

Low

Prev

Close

High

Low

Prev

May

5.8«

6.90

6.64

6.71

May

1667

1680

1660

1691

July

7.10

7.18

6.97

7.01

July

1706

1731

1702

1729

Sapt

740

7.48

7X8

7X7

Sept

1738

1759

1733

1756

Oct

7.84

7.72

7.52

752

Dec

1775

1800

1775

1803

March

859

8.71

8.53

855

March

1790

—

—

1818

Msy

886

8.95

8.83

881

May

1830

—

1870

July

9.00

9X0

9.10

9.03

COFFEE •* C ’• 37.000 Tbe. cents/lb

July

Sept

Dec

Close
126 33
124X2
122 90
121.88

March 119.95
May 115.00
July 11X00

High Low Prev
126.75 125-40 128.58

124.95 123.50 124.66

123 40 122-25 122 44

121.90 120-30 120.38

119.95 117.75 117.75

115.00 11500 11488

111.00 TI1.00 111.25

CHICAGO

LIVE CATTLE 40.000 Vba. conts/lb

COPPER 25.000 lbs. cent*/ lb

Close

High

Low

Prev 1

April

68 35

68.40

67.60

67.72 1

June

67 J7

67 96

67.07

67.27 1

Aug

64.02

64.90

64.50

64.57 |

Oct

61.60

61 90

61.52

61.60 I

Dec

6X67

6X85

6X50

62.55 !

Feb

6X50

62.70

62.40

6X60

March

April

May

July

Sept

Doc

Jan

March

May

July

Close
7X65
7X70
73.45
74.95
76.40
78-20
78.80
7906
81 00
82.05

Hi oh

73.00

73.75

75.30
78.70
7800

79.00
80.40
81-40

82.30

Low

7X50

73.05

74.55

78 05
77 JO

79 50
79.60
80.90
81.80

Prev
71.75
71.80
72 55
74.05
75.50
77X5
77 95
7915
80.25
81X5

UVE HOGS 30.000 lbs. cants/lb

COTTON 50.000 lb, centa/lb

May

July

Oct

Dec

March

May

July

Close

74.60

73.92

77.52

72.47

7330

74.00

74.75

High

74.75

74.10

73.00

72JM

73.60

Low

73.10

72.85

72.10

71.85
73.25

Prev

73.52

73.55

72.50
72X4
73.25
73.95

74.50

GOLD 100 troy ox S/tray oz

Close

High

Low

Prev

April

49X0

49 47

48.85

49 20 i

Juno

5X12

5X45

5X00

62.35 1

July

5X72

52.90

5X50

52.72 .

Aug

60.52

50.85

50.40

60 60

Oct

46X0

46.40

46.02

46 XS

Dec

46.45

46.75

46.40

46.40

Fob

46.65

47.10

46.50

48 20

April

45.95

45 95

45.55

45.75

June

46.70

46 70

46 02

46.50

MAI2E

bushel

5jxn

bu min.

cents/K lb

Close

High

Low

Prev

May

305.6

308.4

303.4

308.6

July

31X2

315.6

311 0

316.0

Sept

309.0

312.4

307.8

31X4

Dec

307.0

308.5

305.4

308 2

March

316.0

318.6

3134

316.6

May

3Z1X

323.4

325.0

323.0

July

326.0

3294

325.4

3290

March

April

May

June

Close

410.0

410.5

413.6
415.4

August 422.7

Oct

Dec

Feb

April

June

4293

438.1

443.0

4501

457.4

August 464.9
Oct 47X7

HEATING
cents /U.S

High

Low

Prev

Ctoso

Hit|h

416.7

410.0

417.9

March

69 70

70 30

69.70

71 .70

418.5

410.0

418,5

May

70.57

71.70

70.40

72.30

—

—

July

70.47

71.50

70.36

72.25

424.5

415.5

424.5

Aug

67.75

68.95

57 5S

69 50

422.6

430.9

Feb

61.90

62.60

61-35

61 .2T

431.0

437.6

March

51.30

61 50

60.95

60-10

443.5

434 J>

444.5

May

62.70

62 70

6X00

61 60

449 S

442.0

July

62.70

63 70

52 70

63 00

457.5

466.5

458.7

Aug

61.05

61 05

61.05

60 00

SOYABEANS 5.000 bu min. cents/60 lb

_

481.6

bushel

—

—

48S-S

Close

High

Low

Prev

May

633.4

635.6

629.4

6344

480.8 — —

OIL 4X000 U.S. gotta
. gallons

Close

High

low

Prev

April

75.06

75.75

74 JO

73.60

May

75.01

75.37

74.40

73X7

June

74.97

75.25

74.40

73X5

July

74.99

75.25

74.60

73.2S

August

75.40

75X0

75.10

73 J5

Sept

76.00

76JO

75 JO

74.60

Oct

76.80

76.70

76X0

75.30

Nov

77 JO

77 JO

77.40

76X0

Dec

78X5

78.05

77.75

73 JO

ORANGE JUICE 15,000 lb. cents/lb

Close

High

Low

Prev

May

114.06

114.75

113.75

114X5

July

112.60

113.80

112.50

113X0

Sept

111.75

11X25

111.60

111 J5

Nov

107.75

108.60

108.00

107.80

J«n

104.76

105.50

104X5

104.80

March

104X0

106.20

10S.00

105.00

May

TO4.7S

106.40

106.40

105.40

July

104.75

—

—

105.40

PLATINUM 50 troy oz. S/I roy oz

Close

High

Low

Prev

March

381.8

—

—

398.8

April

381.8

398.0

380.5

398.8

July

387.8

404.0

388.0

404.1

Oct

383.8

408.6

391 JO

410.6

Jan

400.1

417.0

389 J)

417.3

April

406.5

427.5

420.0

424.0

July

Aug

Sept

Nov

Jen

March

May

July

550.0
655.4
663 0

677.0

689.0

701.0
71X0
72X0

65X0
657 4
CQ4
67B.4
690 4
702.4
712 4
72X0

645.2
Si .4

857.4

670.4
682.0

695.4
705 4
716.0

E»6

656.4

663.0
675.2

687.0

700.0

711.0

721.0

SOYABEAN MEAL 100 tons. S/ton

May

July

Aug

Sept

Oct

Dec

Jan

Mereh

Msy

Close

190.0
194.6
196 6

199.5

201.5
2S6.3
208 0

215.0

217.0

High

190.5
195.3

197.5

199.5
202.0

207.0

209.0

215.0

218.0

Lew
188 9
193.6
195.8

196.0
200 2

205.0

207.0

213.0

217.0

Prev

190.5

195.6

197.6
201.0
202 5
207 S
209.0

21S.4

2195

SILVER 5.000 troy oz. cents/troy az

Gloss

High

Low

Prnv

March

1936.0

1065.0

1055.0

1061 J

April

1036.5

1065.0

1062.0

1061.5

Msy

1045 J

107&.0

104X0

1070.0

July

1062.4

1093.0

1080 J

1087.5

Sept

1080.2

1107.5

1090.0

1105.5

Dee

1107 0

1137.0

1116.0

1132.5

Jan

1115.7

1136 J)

1133 .0

1141J

March

1133 4

1168 0

11450

1159.5

Msy

1151.2

1177. B

1177.5

1177 .6

July

1159.0

—

—

1195 5

SOYABEAN OIL

60.000S

lb. cants/lb

Cfasa

Hfaft

Msy

18.15

1X18

17 91

18.10

July

19.63

18.58

18.31

18 51

Aug

18.70

IB. 71

18.51

18.70

Sept

18. BS

18.87

1B.69

1X87

Oct

19.00

19.04

18.88

19.05

Doc

19.40

19.50

18 26

19.44

Jan

I960

19.65

19.50

19.65

WHEAT

5.000

bu min

bushel

Cioes

High

Law

May

366.0

368.2

360.0

366.4

July

376.0

376.6

Sept

354.4

384.6

379 JO

385.2

Dec

397.4

395.4

39X0

398.4

March

409.4

4(0.6

404.0

410 4

May

416.0

—

417.0

SPOT PRICES— Chicago loose lard
16.2S (same) cams per Pound. Nouu
York tin 618.0-624.0 (613.0-620.0) cents
per uonnd. Hardy and Harman silver
bullion 1049.0 (1013 0) cents par troy
ounce.

Potatoes — per bag 2X0-3.00. Mush-
rooms— per pound, open 0.60-0.70.
closed 0.40-0.80. Lettucas — par t«Y
1X0-2 00. Onions— per 66 1b 1 80-2 BO.
Cabbages— per 26 lb 1.00-1.50: per 28/
30 lb whlio/red 1 50-2.40 Greene-
28 lb Kent 1.60-2,50: Cornish appro*
35 lb 4.00. Brusca Is Tope— per 28 lb
1.00-2.00. Sproufa— per 20 lb 1-00-2.00.

Carrots — par 26/28 ih 1 . 25.1 50
Turnips — par 28 lb 1 00-1.60. Swwtee-^
par 28 lb 0.80-1.20. Parsnips—
—per 2B lb 1.20-1 50. Look*— per 10 lb
2 00-2X0. Cauliflowers— K obt. 12 s 2.00-
3.60. Rhubarb— per pound. Yorkshire
0 26-0 30. outdoor 0.15-0 20. Cucum-
bers— 3.50-4.50. Tomatoes — hothouse,
per pound 0.35*0.60. Catabnreg —

*v+ + ' - ; .

\ f
V

> / -\

f

I »

''A

. M f .\

36

FULLER PEISER

Chartered Surveyors

value and sell
Property and Plant

Head Off ice (City) Telephone: 01-353 6851
and at Mayfair S heffield, Edinburgh and Paris.

FT LONDON SHARE INFORMATION SERVICE

Financial Times Friday March 2S 198 &

FOOD, GRpCERieS— Cwi

fm {* ievUnjfff

LOAN S — Continued

BANKS Continued i CHEMICALS, PLASTICS — Cont.

Price

E

I* orl Ml

- r«.i

v»ain

Stock

BRITISH FUNDS

i«as3
M* Low

Stock

I* or] VhM
- ! Prt. | JW.

Financial
im lflpc ■as.. .........

101%

13.78

95

6.75

in

1065

102

1X06

im%

1X90

.102

1228

75%

9.90

7M

9.93

84<d

10.71

81

1L14

“Shorts" (Lives up to Five Years)

Treas*rey9%pe TO....

, Exch. 13%pc TO. —

i Each. IOdc 1983

I Fundmg 5%pc *82-84$$
i Exch. ll%pe 1W..

Exchequer 14oe. 1984.
l Exch. 3pc 1994

■ Treasury 12pc 1984_

I Treasury 15pc 19B5..

Exch. 12pc Cm. TO -

> Treaswy 3oc 198S

, Tmsm llijpc 1985
I Treas 8%j>cCnv "85 _

I Exch. L2%pc 1985. .L
i Exch.ll%pc TO-.-
Timw; 3pc 198b . _
Ex* lWtfC C. , 8«£35pda
i Treasury 12pc TO. --
l TreasoyBlaxW-tttt
i Treas. 12%pc TO Cm...

, Exch. 14pc 1988

Exch. 13>tfc 1987 -..

■ Exchequer 2%K 1987-
, Exch. 10>2(>c 1987 —

- Ea-HBspcWAttSSwO

kllOBMilx: '85-87$;

-%

FirttagWr.

Treasury 3pc 1987 __

B5i Treas 12pc 1987- —

721, |TreiHixy7%EC *85-88$$.

Five to Fifteen Years

Building Societies

WOhMi

iooa

[Nal'wide 14%pc448J
D0.14%pc25.4TO..
Do. 13%oc 233JB3 .
Do. 13 Vsk 13 6TO
Do.14oc4.7TO...-.
Do. 131^ 25.7 TO.
Do. ll%pc 15.BTO .
Do. HUoc 30.8.83.
Do. U%pc 3.10TO .
Do.9J3pc31.10J3
Do.4Lpc2B.llTO.
Do. 11 WK 19.12£3_

100>s

100 %

100 %

100 %

100 %

lOQ't

ICOWi

99%

99%

100 %

14.72

1382

13.88

13.90

13.04

1184

1122

ms

10.01

9.9S

1122

518
512
11.64 285
1120 435
1110 95

1110 4)

1200 925
1220 £23

zias 12
1160 £88%
1155 177'
1175 43

4
405
_ 53

1211 235

ilia _■«

1183 J6|

11 11 207

1 1Z1 1”
1122 82
1063 MO
1083

12 326
1XW 520
10.92 n

2 St)

FOREIGN BONDS & RAILS

95% ExdilO%pcTO.- I

60% Transport 3pc 78-88

91 Treas. 9%oc TO

79% Treasury fl%pc 1989 _j
62% Treasury 5pc U6-89..1
85% Treasury 13pc 1990$$-]
85% Exch. 12%pc 199071
70% Treaaxy BWicW^O!
77% rreaswyllWKl99L_
59% Funding 5Vpc -87 -9 34$
76% Exdr. llpc 1991. —
81% Treasure 12%p« ■92$*..
70 Treasixy lOpc 1992..

831% Eadl. 12%pc "92

88% Exchequer 13%pc "92—
80% Treasury 12 %dc TOtt
56% Funding 6pc 1993$$ -
88 Treasure 13%* 1993$d
91% Treasury 14%pc*94$n

B6% Exchequer 13%pe 1994
B0% Exch. 12%pc 1994— 1
66% TreaswyfcW*-
76% Treasury 12pc 75 —

42% &as3pc

68% Exch. 10%pe 199S....
83% Treaswy 12%pc '95$$..

86% Treas.l4pc i 96-

66% Tre*sury9Be ‘92/96$!.
96 Treasury 15%pc"96$$-
86 Exchequer 13%pc *96$$-
4 ts- Rede^iUMi 3pc 198696
Treasury 13%pc7^J

101
80%
92 vm
100 %
78%rd
109
UM
89%
102 %
76%rt
96 %d
108%
94%

MM

1 09%

307%

1U%*
llQri + *■

Exchequer 10*ie I ...
(Treasury &%pc 1997$$ J
Exch. 15pc 1997-

1022

3.75

1015

1158

636

1220

12.03

947

11.71

740

1L29
1202
10 72
1184
1230
1135
814
1221
1234
1214

1134

1010

3X64

433

1096

1X64

1213

1017

1227

1177

5.08

1X75

1090

10X8

1210

[Chinese 4%pc

Du. 5pc 1912 —
Do. 5pc 1913 ._
, Do 5pc *25 Boxer
Greek 7 pc Ass —

Hung. '24 Ass

[non fate: 15 k 1x3311
' icetond 6i *re *8388
Dg.lVdcla.20I6.
Ireland n «c ’81-83
Op. 9%pc -91-96..
[Japan 4pc 10ASS
iST 6pc TO-88
,.%ru Ass. 2007 _.
Pet. Mx 14%ec ’06

Price

■f If

Of. %

£

-

Grass

10

_

■ 9

—

9

—

6

—

. «

41

9

38

2

31%

2%

111%

*%

15

75

6%

102%

-1

14%

108%

83

9^

303

+3

—

81%

...

6

161

522

60%

14 V

S75

DM90

6%

tad.

Mi

- 1 602

£99%
, *8812
175

C30
197
535
8 25 255

739
527
19 90
14.07

14 1

1446

1X48

1246

1059

9.1

23 89
0200
lxoo

500

540

630

,£ 21 %

180

215

>340 Ban* Scotland 1 1
351 Barclays £1
210 Brown Shipley 1 1
1 275 Cater AHm £1
70 Darter no me Go
14 Clive Dis'nl 20p
520 ConTjhk DM 10
750 CTxpiMOX. KrIQQ
4 Dawes [G. R.) ..
£561, DostB Ean GV50
112 English Assoc.
301, First Nat. 10 p .
% Do Wm\ 75-83

Gerranl Natrtl

Goode 01 Mry 5p

Grmdlays ..

Guinness Peat -
Hambros 5p
HiB Samuel.—..
HongSmg.5250.
Jrn»i ttfi S 54 be J
Joseph (LeoJ£l.
King &Sha< 20a

Ktemwort B.L..

Lloyds Cl

Mamon Fm.20p
Mercury Secs ..
[Midland £1. —
Do 7%%a3-93
Do 1CW»93 J H
Minster Assets.
Nat AusBkSAl
Nat. West. £1-
OnDKa.1 Sank £20
Royal Bk. of Seed
Schrodere £1 ..
Sreomur MC £1
Sec. Pacific Core
Smith SL Aub .
Stand d Chart £1
Trade Dev. SI 50
Union DiscCl. .

1238

P30

[145

129

|lt®

[142|

1 68

Its

■ 73

P

1 26 1

2B2.M

£641

£69l

165

1127

fe44
■ 90

mam

[l79%

p5|

w&l

p

two

O0%h«elis Fargo 55.

jweslpac SAX—
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43 i 77 I 20 Jasa.rjrex.rw Ilk ] 20

— : .Ml-. J lAJ eben? :3p ; 23

— ' S 19% '.Amber Dar20i \ 13

$1 i 29 iAqiiEQjrun 5c ; 41
35 ‘36 ■' Do. 'A" So ■ 30

£X0 1275 heAssrer— ..1775
1ST i(B jaakT-'- Sti !Cs{ 130
qa .-4j as; b 9 12 -Boapk sc-ei 1* [ 15 ;

- 44|— £2 57 BeanretJJ'A . | 78 :

- ia|- 45 3« isedtaJJi 10e _■ 44

- « 3 aa.-d-aeK0 5;!

- 41 - 23 12 Boitc.nTec.5i3 i 13 1

55 47 ! 27 [Brenner..- • _J7 ' .

236 |CB E.-L Ha-e Sin -.211 M

- J ’9] — j 1S3 00 >Bieym (NJ2Dc ^ , ,

jJ 4, ! 3» |i» I? * I ^ iri

- I 2A: -

Si

I 262

37

£30%

43

AMERICANS

«, I T Mftw

Over Fifteen Years

, Treasury 6%PC *95-98$$.

, Treas 15%0c"9B$$-

, Exch 12pc 1993..

Treasury 9%pcl999$$

1 Exch. 12%pcl999 —
1 Treasury ltJtac 1999-.
, Trear- iJecZOOO
Treas. 14pc -98-01...
, Each. 12 k *99-02 —
1 Treas 13%pe 2000413.
1 Treasiay ll%pc Tn-04
. FureHno 3%JK "99-04
TMxml&el&OI

Treaswy Sax: 18*12$$.
Treasure 7%pcT2-lw.
Each. 12pc 13- X7 -

75%

128%rt

I07ixid

195%.

115%

|h%

Undated

27% Consols 4pc ... 38%

26% war Loan 3%pc$$.—

31% Cmw.3%pc©A*t.- 39%J
31 Treastny 3pc 66 Aft - 29%»d

17% Ctmsots2%pe

17% [Treasury Z%pc, — 24M

924

1X05

1X39

10.40

1139

1084

1X50

1179

112B

1X63

10.97

7.72,

1X171

1057
1037
8.87 ,
11034
1028
10.40

Index-Linked & Variable Rate

100%| 99% P>eas. VanaMe TO-I

103%

102 %

107

103%

no

99%

95 [Treas. 2pcl.l_ ■88 —

93 Oo.2pcl.l_ ■%

93% Do.2»iKl.X;20m.l -

95% Do.Z%pc I.L2003. HH%|+%

86% Dq2pc I.X2006—

96 Do. 2ijpc I.L-2009.

98 Do2%pc I.L201X.

,,98% Dn2%pcl.L.2016_| 99% l+% , — - . _

Prospect i ve real redemption rote on projected inflation of
(1) 1096 and (2) 796

INT. BANK AND O’SEAS^
GOVT. STERL NG ISSUES

1 (Australia 13%pc2010.

Eun bw Bk Upc La 2002-
Fadnd 14%pc Ln 1986
l*Aa0t*Bkl2i*c2OD3
Irt. Bank 13%pc 1986 -
Do.l4pcLnl<H7 —

MexU42pc20Q8

H2. 14%pc 1987 —

Sweden 13%pc 1986
Do. 13>tfcLn2010

0RP0RATI0N LOANS

Bath U%pc 1985 —

Breton 12%pe 1985.

Brertev 13ucl9B7 _

Cardiff llpc 1966— .

G.L.C. 13%pcl984. .

Do. 6%pc 90-92 ...—..

Herts 6%pc 1985-87.

Leeds 13%pc 2006-

UwmoM^pc'BOBd

D. %fK freed.

Lon. Com- 13%pc TO
Da 9%pc ‘84^85— .

LCC St^K "82-84

Do5»3jKTOa7

Da 6%pc -88-90.—

, Do.3pc-20Art.—.

JSureiertMd 12%pc 1984 .

COMMONWEALTH AND
AFRICAN LOANS

98% B5% AusL 6pc 1981-TO--
83% 57 N3.7%pcl9B&42..

93% 74% Do. 7%pcTO-86 —

167 136 S. Rhod. 2%pc Non-Ass

B« 58 Do. 3t^KSl-85 Asstd,

55 32 Do. 4%pe 87-92 AsstflJ

402 |318 ZxntabweflnvfQOOpa) |

LOANS

Public Board and Ind.

77%|57%|A»lc.ML5pC594J9|

38 | 24%|MeLWtr.3pc-B' 1 32 [e%

Abbott Labs. 8 —

Alcoa U

Aim SI —

Amdahl

Amer. Express 1060
Anrr Htdxall* 51
Amer. Nat. Res SI.
American T.&T. Co.

Amfac Inc —

Bu* America Corea
Bankers N.Y.S10
VBeth Steel S8..
Brown 'g Fer. Cl6%.
Brunswick CorpaB-

CP-C.Si,

Campbell Sore> —

Caterpiflarll

Chase M7an-S12-5
Chesebrough 51...
Chrysler $&«. —

Citicorp 54

City Imr. SX2S .—
Do. Cm. PK. BS1
Coigate-P.Sl..- ■

CoH I nds. SI -

Com. Foods 511 j.
Cont. Illinois S5...
Crown Zell. 55 —
Damson Oil U5S0 4

Dona Carp. SI

Eaton Crp. 5030.

Esmarktl

VExxuna

Fin. Coro America
First Chicago 55 .
Fluor Carp. S%...
Ford Motor. 52... .

GATXS% —

Gen. E3ecL 52% -

GiHette SI- -

Guff Oiill

Honeywell 5X50.
Hutton (E. f^n.

,JngersolMlS2 —

ImifcoSl

I. U. Intenatioaalll,
im. Ttrt.4Tel.fi

Kaiser Al.Slg

Lone Star lnds .._
LemwMUrogU.
Lowes US5030 -
Unf. Han. 1)557 50
Merrill Lynch SI .
Monpn ( JP] liS525
ItolooSunxi lac-51-.
PerenoUCo

r re Oats U5S5-I
N.Y-Corp-
RexnordS5x— .
Rockwell Inti. $1 .
SaidfB. F.)S1._.

VShell Oil SI

~ dicrtyPatt..

. Carp- 5030.

Sun Co. Inc.

TRWJnc.Sl'4— -
Tenheao 55
DtlKLitt 41451
Tewre Pi JSSUWi .
Texaco $625 — -
Tune Inc. SX — -..
Transaraerica
Union Carbide
U Id. Tech. 5UL- .

fU.S. Steer 51 —

__ ewodwortio 53%.

688p Zapata Carp. 25c-

34%

24%

135

+ %

1100

*h

5120

—

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70c

—

40c

—

tSl 80

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53.16

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SL44

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5132

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$225

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—

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80c

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5X50

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5350

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5X84

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5188

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5X70

—

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52.00

—

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—

5180

—

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52 32

—

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52.00

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51.00

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51.60

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1184

—

53 00

—

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5280

—

5360

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53.04

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nd I »

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23

Hire Purchase, Leasing, etc.

35,

1140

&

23

.15

b07

3»j

39

JBaliiC Lai:mg5o
Cattle''. (Hogt) 10d
Cie B'oeFr 100.
Lnd.SaiFhj.10D
MocrgaieUfre. l&s
Pros. FmaiKiai.
Siuda Hldgi. Itfc
Wagon Finance

15

-1

UXB

16 |9jlT

9*115*4 — ‘49
hL71
XO
BO

231

X2| 62
X61 7 3
19, 93

F4} 6!:

j 33 Icairc (A.) ! 54

57 i 33 JCareorv "A" 2Co 1 55
30 1 17% jCasxet (S J lOp ■ 22

, 283 !172 'Cferch 283

X5JZ05 39 t 26 iCc-e .^-S. 31
2«0 i7G2 .j 257

9.0 344

03S\! 72
821 li»
, - I 126
5X5 ! 2h3

! 32
, un

*2 55 -

BEERS, WINES AND SPIRITS

03

0.9

19

92 |

7.9

7.0
5.4|
26

1.9

37 ,

6.1
43
33 I
63
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56'

51

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73 I

3.4

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24 I
27
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2.0

a

83 [

53

43

80

17

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3J

154

66

Allied- Lyons. ._

133

-2

155

‘146

64%

Caul. DiH.Pi.10n.

-3

12.75

376

196

+ 1

101

26

15

3eUavm Breeery

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+1

—

315

144

BeH Arthur 50p

-8

55

£246

256

108

£122

13a

87

Dc ««cCa 9901.
Boddingtons . _.
Border Brow's.

-10

-2

-2

% %

52

EM

154

Sum ( undrew]

280

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6.9

krl

44

Buckley's Brew

53

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57

MmerfH. P.JSp.

245

1252

264 .

147

Dark (Matthew).

264ad

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764

167

Dfetj Item SCp—

226

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468

383

Jnntam'.&rainogd-

4S5

15.75

141

09

GreenaJ! WMq.

122

-i

3.7

262

[43

220

h355

125

61

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104

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5-23

125

76

rtigtfl d DiU. 20p

107

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2.36

717

154

Inufrtjonftnr —

195

104

43

Ireh DstiHers .

102

0255°.

520

445

Macallan, Glen.

520

6.G9

170

67

Itorjtni Thon^bn-

118

t207

265

705

Mn riant - .

260

5.0

276

160

t Ruddle (G)l(to

168

b3.3

88%

SO

Scott &New20p

78%

4.38

64

725

31

173

31

Vaua

2Z3

-i

825

161

86

Whitbread ‘A'_

138

-3

las

300

184

Wolv. Dudley...
Ycure Err* -A' 5Cb

284

400

179

375

m3 5

290

91%

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227

-3

Tti3 5

2« 73

1 3 0.1

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32, 3 ffiI45
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.280

268

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41,

63

73

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5.4

23

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66

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260

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7.7

173

23

93

17

B

3.4

43

52

53

774P
897o
77 Qp
478p
571p
7660
11 %
26%

; CANADIANS

Bk. Montreal 52-

Bk. Nova ScoUl -
Bell Canada S8>j.

VBow Valleyfl -...

Brascanfl — —

CaiLlmp^k. 52—

Can- Pacific 55..—
DB.4pc0eb.ua0l

Can. P. EnLIf

GidfCan.fi

VHawter Sid Cat*

VHoilinoerSS —

Hudson's Bjy II—

Vlmperial Oiill—

inooll — —

pinti Nat Gas 51
lUtmey FergiU—.

VRmAlgam

Royal Bk.Can.51
Seagram Co. CS1
Taicorp

1 Tor. Dam. Bk. II-
1 (VTram Can Pipe .

SL96

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5X92

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I37-j3

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52.08

—

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15*8

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52.08

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496

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—

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+3

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52.00

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—

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5200

—

14

5X28

—

4.61

1031

Slock

| £91 |£48 Algemene n.100
75 Allied

64

29
84

76
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55

184
72
64

77
280
213
150
126

1135
87
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126
108

a

6.7 140

43 67
B1 28
0.9 192

5.7 82

5.9 142

1 11 36

12.0 450
33 38

3 2 67
53 316
73 36

23 127
43 136
13 350
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— 92
12 160
6-1 22
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- 101
43 175

4.9 270
97
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1

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BANKS, H.P. & LEASING m

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205

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01-236 9502

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V^tr FINANCIALTIMES

BUSING INFORMATION SSWCE

4.1 165

- *199

* 174

33 222
_ 145

— 89

— 137

- 17
29

131
244
690
262
100
2S0
410

2Ji

90
283
£17
265
195
44
272
124
2S4
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39
462
580
136
324
154
300

I 240
70
60
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U §?

1 72
160
113
374
162

BUILDING INDUSTRY,
TIMBER AND ROADS

-2

■fc-i [courtiV ::v' up ,

154 Curry-, . - _ »b |-2 [4 95

se%k>^tM«i:x 7i i [gas
c7 .Dearenrr^ . ...112 |-j i6J.
57% iCewhmt 10a 1X3 [-1

il55 D-tcnGc lOo | 230 i I T3 <8
21% iGrrUc j ZI \ 1 2 15

j. u , 58 lErecir# Siorw . I 68 ■

to . 7 iEtetun-v 20o ’■ 15
53 ; 26 ‘S» Are D*«- Sc ; »

, 28 Iff F«f»!r|!fls. Zt
97 j 174 (106 ;FcreiTM*» lOp ' 1*4
U1 99 50 |F«»-arCi..... 60

l>n 146 * 68 F»Mre-^ire. - ..J 76
_ vi U .'A JJ2CT.I 62
\ix a 88 ' 47 (Gciabreg A 7B
_ 23 1 4% towhusB' w - - J

» | 122 1 60 !Gruan .. . .
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16% [Htmque* A lOp .

85 iKcarrrrCJUQp
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[120 Iffcrre Charm lGp
ll« tHow of Frosh

86 I Koine of Lwow .

72 JryifE-nBfJIlfc-
22 !«KMn&Scon.

9 LDH GrOUP —

32 LKiM Preface

73 , LwCoocer

Liberty

Do NCR Wg. Ord

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31

ga

SI

17
92

58

71

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AftlECSCfe....
Aberdeen Com..
Aberthai* Cem.
Allied Ptantldp.
Allred Rei 10 p-
Amdlffe 10p„
BPB lreft-50p..

Bailey Ben lOp.
earealf Dev. 10 p
B eedmood 10p
Belhray-

Bedford M. 10p
Ben Broo. 20p_
BJ«foeyy2Dp
Blue Cmle £3
Breedoat-ime-.
BncMaueOndnlCb
Brtt. Dredgkn-
Brown Jksa 20f

Brownlee -

Bryan! Hfttgi _
Bumeu & HallJUn
C. Robey-A'lOp
Crer (John)..-..
Omenl Rndstone
Cumben Gp. 10p

Condpr In! —

CosxamGroup-
Counhyside.—
Crouch CD.) 2Bf>
Crouch Group -
Dew (George) 25p
Dousd« RobL U.
IDuttcn Grp. 5p

lEritti —

[Feb. Inti. lOp „

[Franch Phr. lOp

[French Klee

(Gal liford 5p— ..
[GiMs D'O/AlOp
|Gleeson(MJ)._

R^r P Gcip~iiS
Helical Bor

Henderson (P.C.).
HewdenSLlOp
Heywood Wms.
Higgs &HiH
Howard SM Up

LD.C.20P

Ibstock Johnsen

Jar*h(J.)

Wayptont

Wemhgs ASOJO
UbMhhPb.)D>~
Jones EM. 10o.
LafregeCop. F100
LahiglJohn) _.
Lathajn-(J.)£1.

DfowlemU).—
NewarthIU £1...
Notl. Brick 50p
Phoenix Timber
Fochirs
RMC
Ralne Iricft. 1Q>

J Ram us

Rediaud

Redbod(£MnA)
Roberts Adiard.
Rohan Grp- lfe _|
Rowlhnson lOp .
Rutieroid..— —

. P. Cement.
Grots ... —
pe & Fisher -
Bride.

Streeters —
Tarmac 50p —
Taylor Woodrow
TiHureyGrp.
Trans A Arnold
Trent HaMtovUh-

TurfH —

UBM Group

BMOiMlftGTtoJ
Veah Stone lOp

Vltaroptant -

Ward Hfcjgs- IQp
Do. DeM —

Wa rrington

Watts Blake . -
Wettem Bros ._

Wtntiings-

UWhil’glr'm 12%p

ItfigdreGreuiuo-
weion( Comity)
W1 ropey (Geo J_

tlD.O
X28
3.0
1*5
WL4
06.12
4 3
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020"^

3.77

+ 3

1-2

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(13.95

$?-

136

4 4-

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2-51

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xi

3.4146

5.7

6.7 [74)

2.9 9 b

5.9 9.0

5.3 **-
6 3 6J

t9 6 2
32 »

3.7)160
5 .it 10.9

CHEMICALS, PLASTICS

Tne Finarxwi tunes Bus<nes5 inlormaowi LiTKM PegistreM W Engund Nuinoet 202281
■ Begwerrd Ollte ft.irten House. 10 Cannon Screer London K4P 4«T. ^ ^

,««. I

fig*

74

.£38%

[ni

, 55
I £175
£171
1159
94
90
i 25
112

J47SB

(11^3

trad

■ 74

p

85

10

faih

Pi

|50

48

14

72

lAkao F1.20 £14% 1+S I *Q6”W XM «

Ail'd CoHuM ICO . 307 ~1 h2-59 43 X22*.-
Amersham Inti. 2S2 [-2 J 33 | IM 2Cq QL7>

Anchor Clwm. .. 90 I I XO I 3X] 4 B

Am)* Chemicals
BASF AG DM50.

Bayer AG. DM 3C
Blagden Irtds..-
BrtiitChefiB lOp.

BriL BeraeBl lOp-
BnL Tar M. lib.

PCba Ceg Dpc 81— ■ • — ■ — — — .

Wc8%tCrSrS-
Coalite Grow—

Cosies Bros—

DO. - A" NV:

Cory (Horace) So
Croda Im. IQp-

t433

733

t33

tu

b7.0

|OairenO»en

Paraiise (B)IOp
l=ews Stores lOo
'Preedy (Alfred)
Ra mar Text. 5p
:RawerslOp
'RaytoecklOp ..
iReaftcutSp- -1
teeeeAsw-A IV.
SAUSW12V5
1 Ds 3"^

iaraiel (Ml'A'.J
jSefmcwrt 5p_ . ]
fend-W A 50c
[Suntey A.G. 5P
id. & Sun 'A
mberglOp..

ine 2Qp

Tern-Consulale.
Time Prods. lOp-

UDSGrow

Upton(E)'A' ...
Vartaia-Viyeiia ..

WW Croup

Waiher Mas.). -

Do. N.V

Ward Wflute ...
Waring &Gd low-
Weameli 5p — I
Wigfall (H.).-l
3k|

ELECTRICALS — Continued.

Shrek I Pntl !‘-*1 "*l If- 1 2 m' F«

.tr-JSSf 12> * 6132.1
, fb'% l«a £ >T=-V- A I 42 | I to ?2 1 1 ^ .LI*”'
|282 thd Scirntilre
• JJMnk i ! 'J2s.

Wart 4 Gold .

J2>.i

Wan. Se*“J 200

70 iVknilna'thEl 5o, ,

il£3 IvshlfUlrFijIfli I 312 5-3.- -

Fur Wagtail |H ) see Street

ENGINEERING
MACHINE TOOLS

. |Ai («J Prods ..I 11 { [001 j . — j

1 227 |A.PW 50h I 335 1. t 96 I 22( 4.1[

5 iAbwMd?%p
Dc tp-CrlJWPftl
Acr M . . —

DO 'A*

Adwest Group.

AlimW.G

Aixhn. S'ctyde

Ash£Lacv

A-.-bc. Tcollnq.

AstralmST lOp

Aurora . ..

Austin (James)

Babcock mil ...

Bailey (C H.)

Ek*rr Peril 50p
Banns Cans 2 Qd.

BartrerGro . .

Beaulantlpp _

Sevan (D Fj 5p
BirmkS Qtu’coM
Birnqho Mild .

BTiair Panel lOp
BJBAOnreS.'a
Black* *d Hodoe
Bautuu ’.Vm lOp
Bialum AWJ ICto.

BraiUMMite U
BraM4« lCk> --
BfcisiOwanlCh
Bril Steam 2Qp
Brockhame . .

Brwn'v CM lGp.

Bronx Eng. lOp
BrtXJkc Too! ..

Bretherh'd P 500
Brown 4Tawse
Brown (John)...

BulLougn20p.

BurQrs-k Prod ..

Butterfield Ho.

Cam lord Eng
VCamvrul Inc -
Caotrer-Nedl lOp.

CarcloEng. . -.

CarrwngN R lOp.

Castings lOp. -
CUrtterlin&Hd.

ChrmrmqSp —

Christy Bros . .

Clayton Son 50p.

CoJx-n(A)2Q>

Cenceninc IQp
Cock W 5M 2ft»

Coeocr (Fr) tOp
Cooper I reft. lOp
Crontte Group.

Crown House....

Cummins 78-94
Danks Gowerton.

Dn&Met-AXOp.

DavyCorp

DdlaGrOi* ...

Denres J.H. lOp
Dent end 50p ...

Doso utter

Downretnaeli
Dr Ike & Sod

l«SO i .

1W JlSi* Ik to iww* ■
t» 761, jMrtI Tr*t» S*
)S2 XW {MBvH-nJW ) U*}
u'U.-UlASWdnjalFjrw *’

I Ad ! 50 tncdf- ... ..

LoAS .in iNxAHi tVmHO)-

,2U2 ;i7t» rwrmero Foods
NuMmPk IDA
POnunJMi.

PAemagvU*

. R.KM •••iie;
B .i»m»r kS 6Q|

* 3eMiuy&b64|
SatmhurvfJ.)

, Kuisgki lOtr —

1 jASUtre- FtoOilOp-

, „ •5emportek

I 2^1. LSquutl Knli'jp
!lS8 jTatpirWrET
lTanmer Rut 2#P
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-1

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ELECTRICALS

Arlen Elect

ASEA.AB.Kr 30 j
Auftotronlc 2%p-
Autolfid Sec. IQp

BICC5Q».

BSRIOp

8utgm-A-5p_-l
__ |UffanfUMn5Qp
91 (Cantondge Elec.

... Km lHimaie(nea)t
45 CrayEITrordc 10p[
77 Crysralate 5p—

|vQ20%| «

bL75
1034

_ 154
£21% 625
267

Fidelity Rad. lOu.

First Castle ldp
Forward Tech—

2 Fujitsu V50

G.E.C 5p

KrmwiSw'.Mre
Grosvenor Grp. .

! kHadland- |

fHeoakWncslc ,

H inland £l.20p.

HfcmamdrB 10-

I ICL

6lo Tecbnuiogj! 5o
rtawfl B& SpLlUc-
utSg SCare Me.

Jones Stroud _..
HtaqHCBM.iBt.5p.

KodelnL

Lee Refrig

% M.K. Electric _.
MemeclOp .

I ttwuri Corea* IIX-
«Mkro Bnk &IS..

J. Mites 33 10p_
UHelCoroU —

, Moly<n2qp. —

% Motorola S3 —
Mmrhead

Hwkxe Bsnkret

Moray Tech. Inn
Newman Inds ...

New mark Lous
Nippon EM. Y50
Hred Dream KJKL

+ORE10P

*Ocwnks 10p..

Pactrol Elect.. -
I Perldn-EImer 4nc
Petbow HtdplOp

Phicom IQp

PtuTipsFln.5%‘%
miipsUi. Fltt

K lea El Ptfslc

Do. 'A'

PtesseyStt.-..
PressaclOp ..._

Queu Auto lQp.

Ratal Etoctrea-

RedWuston

Rotaflex ICto...

f Scan Data lOo .

SCtmles CGH)....

Srearty Centres..

Sound Olffin. 5p. .

SuL TH. A Cabhn.

Suter 5p

SrWwBwgenllk.
Tetefuslon5p ..

Do. -A’ NJV So.

Tele. Rentals. ..

Thom EMI ....
UQ.7pcCref 1 l.9299. 136%
nmweF.W.lOp —
IfttaktCDpa. V50
U.EI IQp.

-2

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Foflnn HlB n v 5p
GEf Inml 20p
Garton Eng. IQp.
Glynwed IM. ..
Greenbartk lOp
Green’s Econ...
GK.N £1 .. .

Ham Fretrtion 5p]

Haden

Hall Eng. 50p.
Hall Matthew.

Halirte 50*

Hampson Sp ..—
Hawker ShL —
Hill & Smith.. -
HopkuMHK 50p
Howard Mactiy
HcanJm Group

I Ml

JjdsnJAHBSn
Jeavoos Eng.-..
Johnson & Firth
Jones Sfroman

Laird Group— .

Lake&EUkx. ...
Lee (Arthur) 12i J
Unread

KSWk

Do. "A’ 5p_. ...

M L Holdings .
Mangan Bronze
Martonalr20p .
McftNhrer Bros.

Meggdt 5p -

Meta Iran 5p ... .
MidTare! Inds. 5p .
Mining Sqi- 1(7
MkcMlSom.l 1

Mol ms.

Ncepsend— —
Net»(Jas)Hdgi.
Newman Tonks.

N.E.I.

Norton (W. EJ5p.
;PaMMFMns5p-l
Pegtor-Hatt niey
Planet Gro T

Porter Chid.

Pratt (F|

Prestwldt Parfrre
Priest (Ben) —

R.H.P

R-nsomej Stai.nl
RBtCflffS (G.a).
STdBHi H'nrei lOp

R»-noJd£l

RKtartb(UU3.)
RKh'iB Wesi.5Ck).

Robinson (Thos.)
Rotorfc )Op „
SantteG-(lOp)
Senior Eng'g lOp
Simon Eng'S—.
600 Group--.-
Smith Whn. 5p
& Jackson

jerCHc.20p

Spirax-Saroo

Suveley inds £1
StathertfiPma
Sykes (Herey)-

88 Tf Group El —

15 Tac* ldp

18>, TecaiemiL—

- retfps20p

Tex. Abnu.lOp

.„ Thyssen DmlO..
16% Tomkms F. H. Sp
[Tripte'i Pdries .,
Utd. Sprmg lOp
UUL Wke Group-

vtckers Cl

Victor Products

tfosper

WadkhtSQ)

Wagon IndustrT
. « waller (C. A W ).
7% Weeks Assoc lOp

Web- Group -

Do lCPtCnvPH.

„ Wellman

6 WwBxwSwwilQi

“ Westland.

Wheswe

MmwMulIb.
Wfljay

— Williams Hldgs
8 Wood (S.W.)m>

■■ WTiVRixn 12 %p

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Yarrow

JL

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HOTELS AND CATERERS

2ft,

MS

Koreterttat Up
Or Ve»* Hotels
Esacwe Sp. . ...

Grand M« 5$f »*
DhwrLeHweSp
WreadiktotBfe..
Lafflsrok»lCp-
MLCnrlMtrlQll
Norton Cap 5p
Proret-of Vnm.

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5*v»“A“10p

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Whtekr's lOp-

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1X6 _
i 5.1 5.9
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1 1L4 16J
31 -
27»ii
57 «

3l|

INDUSTRIALS (MtSceL)
nll,iwAA0 KM-' [ sSJ

all ”

3.4 3.4 U
23 8 9
Z7 67

j r r
a a

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112.2 40
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3.4 16 2
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9.7JIU7J

6-3

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92

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FOOD, GROCERIES, ETC

[AJpinr SoH 0 10p

ArgyH Foods lOp .
Ass. Bnl. FTh. 5p

Ass. Dairies

An. Ffthenes...

Avana Group 5p
Santa (Sidney CjJ
iBarher &Dlp./

■ Bishops Grp. ...
Do. “A" N/Vg.
BtuefandConf...,
Brd. Vens'g 10p_

Brooke Bond

CatRxjry Sch'ps.
Carr's Mining...
Ctuxilim A Faroe-
Clifford Dairies.
Do. "A"N»V..

Ciaiens 20o

Do. -A-SCta...
Danish BciL'A'Cl

Empandg E)5p.

F.M.C

Fisher (A.)5u...
Filch LoveH 2Qi
Glass Glover >p
Hartewood2(ta
Hillards 1Q> ...
liKiton (A.) lOp ,
Home Farm lOp J

Kwfk Save 10p .
Lemons Gp. IQp
LWood Hidgs...
Lmtfll (G.F)..._
Low (Wm.) 20p
Matthews (S)...

-2

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7.9113.9
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23 143
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4.3 88
2.7117 5
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|241 'lAGBRerearchlSPi

14 AIM lflo

24 taremlke Up.
» Abbey Ltd. .

47 MreabracntOk ,
h70 Aero 4 General
16 Aero Needles ...
46" Alpine hwb* Jo
32% Amber tata Up..

, 36 HngtoNardWlB
IlM ftptf2Cmg»-
13 ArootanlAlWA.
Ampw TnorlOp
Ashley M.TU.

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i343 ArocHnSrem

% asi?

78 Attwoods ...

M fkEUn(p4Srei
67 Aron Rubber U

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90 Barget :_.u

1 SSSfS:

62 BuhAtaBMd.
>U6% BwreTra*USD-
[172 BeauonCtkrtt-
1214 BffcMm-. •

7 Bettatr.Cok-lOp

12 Bento* lOp.

61 Berhlortti . , —

5 BnrwKfc Ttaqtt-
115 PBnpaklQp.-.
333 Brstobfl)

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29 BUd( Arrow
105»i Bfack(P)HMgs
78 Btundrt Perm. .

3 KffiJSs

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56 Cane- Industrie*

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13 Cefesnon2Ck
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42 OaotflMiyw
91 fOMbibtlllll5.

, . Christle-T.lOp..

Ilia Christies Im. lOp.

.99 Chubb 20P-

.130 Ctrete (Dement)

46 Cole Group

10 CoretootiflKhir

78 tCoouitaids 1_

£13% Conti. Grp. SX.

24 Can-StMTyUfci .

[120 Cookson50p-.-
35 Cope AlbtianSp
Copwfex 1 C|i •—
♦Cornell 5p —

Cosalt.._

Coreuy Pope 2£p. —
QwandeGrLlQt 30

Creon (J.) 1 90

Crest Ntdml IQp 4 32X
CnrogtfdrtoUp... 4

DeLa Rue. — _1 600
Diamond St. 10p ^ M
Dlnkte Heel Sp .
Diploma lOp -.

Dobson Park Ub
Don Hkigs. IQp
Oxnkilcn tot. 2tp.
i Dover Coni. USSL
Domn 5wgl ICb
Diilay Brture 10p
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KcohricHHgi.il.
♦Do. Defd. £1 -

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EtaoolQo

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Efconi RotaUm-
Elsxick Ifper 5p.

Emhari Corp. 51 .

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Em. Cmna Days .

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, Euefte AB KSO
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Erode Gep— .

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Ferguson Ind. ...
FKons £1

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FtaacrCtoreimS.
FlexrttoC. &W„
Fobrt InH lOp _!

Fogarty 30p

Do. Defd

Fokcd Mincp.
FothergtBHarwy.
Francis Irell. . .
French Trios. 10p
. ~ FncdlandDet...,
189% G R. (Hdfls) —
Gretora IQp - ..
GrttetMr'A'N.Vre
Gtevps Grp- SQp

Glaxo 5Qp

Gotmne HMs.._

I Grampian HdBS.
Granada ‘A'-....
Grtaperrods lOp
GrovebeB GpTSp
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Hanson Trust.-.
Dr 4kpc Cm. 2001-06
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jHarrts(PH.)»p_

Klwkni A Twft.
Hawley Grp

HawtinSp

Hay (tureoan) Up

♦Hayters -

Henworth Cnnc ..

Hestair .-

Hewitt (j.) .......

UdWltwKH.
Hiu (Chas )10p
HoUnBrot
Hah LBypOtaq topi

Hooter 'A'

Hodim&H20p.
HunUngAssoe. .
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InttLU . . .

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'.V

' - Financial Times Friday March 25 1983

INDUSTRIALS — Continued
'boS^SwJ, • ! **t l.r*1 £ |or|™[p*

LE 1 SU RE — Continued

i / .

- 8&-
62

5Z

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68

37

□43

196

138

n

8

£202

129

i?

220

S3

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85

47

143

71

140

470

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21

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78

231

297

43

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ttmnlan IQp I
MardneMKK&l
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Johnson Mu*, a

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35

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HatellteStaft
Ln.prar.Skp.lQ)
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LEISURE

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Mater Estates.
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64 |tfewtom«.5p.

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102

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87

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183

350

535

578

104

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172

159

103

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131 [6», htraenal 109 -2 725 id 93 75

133 | 73 lltoUkrtwsUijP-l UO |+1 1 14.4 | 65| 5.7] 20

TRUSTS, FINANCE, LAND
Investment Trusts

stack | Price M m

M82RB
Hgb Li

130
62
128
448

76

888

295

78

111

93
91
188
54
318
100
102

60

131
778

35

117

94
136

116)j

221

128

76

141

19),

176

246

352

111

825

48

71

475

120

293

298

205

38

366

91

140

163

384

487

175

45

44.

343

400

420

282

196

87

31

262

75

568

144

18b

93

87

78*7

167

475

20

157

T

120

41

«

78

57
54

128
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[201
60
71
40

ire

9

9

I

84

5?*

47

91
14

,130

180

192

, 741 *
|2M*
27

, 18*j

^13
, 81
178
1194
701,
140
29
[222
67

95

120

&

92
35

3
238
1310
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1 140

IT51
49
, 13
140
. 60

V

91

58

105

1275

14

103

V

lAbertteenTnet
Ails Inv

S lnv

Tnm —
ms

Do. Capital —
LAhra Investmerd -
1 Ambrose Inv. Inc.

, Do. Cap.

American Trust —
American TsL 'B*
jAngto Ant. Secs ..

Angto-lnL Dhr

Do. Asset Ste.-.
Anglo- ScoL lm.«
lArchimrdrt Inc.

Do.Cao- 50o -
MArgo inv (AS1> .
[Ashdown Inv —
Asset Special-
[Attanu Ban. lOp .
[Atlantic Assets ...
Bat Be GiRard Japan

Bankers' Inv

Berry Truri — —
BishopsgaleTst...
Border & Site. lQfe

BremarTst

[BriL Am. ft Gen_

British Assets

Brtt. Emp. Secs. 5c
BrL lad. AGen. DhL

BnL fovea

Broadsume (20p)
Brunner Inv.—
Caledonia Invs. —
ICanteianandGea.
Do. Cap 7i 2 P —
CmwMo Invs. 10p..

CanPnpl Did

Chanl lv Inc. CL

Da Cap —

Charter Trust

Child Health £1 —
City & Cam. lac. .
I Do. Cte <£1)

City & For Inv

City of Oxford.—..
Clavertiouse 50p..
ComJnmtl (Lind.
Cret'itt Japan 5£b
Cystic Flbrosrsti

Danaednr.)

Da (Cap’ 2p

Derby 1st. Inc.£l
Da Cap. 50 b —
Dominion & Gen.
Drayton Japan —

Drayton Cons

Drayton F* East.
Da Warra*. -82-91.
[Drayton Pr enw ei
Dual vest Inc. 50p.

Do. Capital £1 . .
Dundee & Lon ....
jEdtoturgh ten Tst..

EdntuvYh Inv..

EDITH

Elfotra I n». T«L ..

ElecL & Geo

Enet^lks. L5m 55
|£b? 1 Ddffl *► IPlQl
Eng & Intemail ..
Eng. ft N Y Trua
[Eng. & ScOL Inr ..

|nd
P* (A

40
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33
4.1
146
0.2
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130

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161

62

105

13

128

..

297

10

430ft

+4

223

10

71

7.25

1C

283

036

10

290

IDS

LO

72

t7.3

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108

-i

—

93

+1

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LI

91

+1

181

♦1

5.1

11

5.9

10

313

—

100

+i‘

25

10

101

8.4

10

66

-

115

Q139L

LI

278

♦2 ‘

69

09

31

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sZO.63

—

116

♦r

LI

13

94

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h0.29

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136

0.4

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116),

|4.0

10

221

+4

18

11

127

35

10

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♦22

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741,

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14.8

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176

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LO

246

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12

352

+6

705

0.9

111

335

LC

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11

71

475

70

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115

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305

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298

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3.7

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321

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91ft

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160

6.95

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130

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1120

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282

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195

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87

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246

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210

2.0

66

7.35

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553

—

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144

+2

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10

106

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157

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435

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20

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35

119

65

35

2.9
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0.4

4.9
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39

4.1

5.1
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4.9
67

4.1
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4.3

2.4
10

11

4.5

5.1

133

16

5.7

62

4.9

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9.2

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15

61

1.4

64

INVESTMENT TRUSTS-Cont.

+ at] Hr.

-I M

H* Law

Slack

92

70

l2U

102

9

118

»l

197

103

99

53

151

144

148

146

138

s»

40

3

37

va

61

268

106

B1

56

143

71

130
89

183
33

87
148

14
206

96
386
154
195

8*)j

331
331
241
236
203

88

225

s*

182

107
518
164
380
370

108

97

209
118
172
138
300
770
182

114

360
172
32
151

226
78
52
76
23

2bl

184
95

112
120
42

78

115
202

76
163
172
106
B0) 2
137
314
320
US
57
L«

119

9
102
101
39
191

79
IDS
704
103

9«

21S (126

115

IBS

131

12S

625

104

300

80

32

278

42

155

130

211

137

160

226

333

91

86

277

141

200

77

223

82

173

147

€69),

642

£64*

647

175

‘S*

198

129

234

lEra-Hat to PUE1
Eng. Ma. htv. Odd.
EftJrt v Cdrtst £1 ■
DCLOd-dSOp—
F.4C. EjX.TO.1Qo
F. ft C. Eurot.UK .
Family Inv. Tst. —
.FeriOwtcteAMK-
FiraSetri Am.
Fledgeling Inrs...
|finnmB Ammcan^
flraung Cnttrprnc

Henvea Far Eastern

Firming Merc

Fleming Japanese

Do. -B" —|

nrxwrgOrmreFS..,

Fle«iingT«ft. hro
FTenteg Uotuersal
Forrtgr ft Cd —
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Fulcrum Inc

Os . Cap 2>«
|Fundnn«t lte^_

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lOp
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sh

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124

240

100

16

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11

292

128

68

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110

9

102

70

65

210

'1

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69

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53
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146

59

69

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120 IMS (Philip)

I lnde pe ixlf n l Inv.
Inv. m Success.
Investors- Cap. ,
[Japan Assets lOp.
SjanferSecHKJS,

(Jersey Gen. LI

(Jos Holdings

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Da Cap.2p

iXtrtit— prate 5 a .
fKrysunr lev. 5Qp

jLalre View Inv

I Lane £■ Loo. lm.
|U»w Debenture.-,
LarardSilg. Revlp
Lena Inv. Ino20p

Da. Cap. 5p

[Lon AtlatRK

|Loq. & Cart. SOp .

Leo. & Lennox.

Lon. (k Lomond....
Lon. Prudential ...
(Lon. ft S"clyde —

London Tnrri

| Lowland Inv

V6C(Mlra.l0p.
Da Cap 10P
Du 2M Ood he Upj
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tbmrAft STstU

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Mid Wyixl Inv.TjL
Monks Invest .
Mom. Boston lOp

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186

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240

148

120

w

78

385

162

805

151

212

134

35

U4

200

150

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196

142

165

108

130
87
77
111 ,
198
159
150
217

131
146
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437
162

93

129

430

66

99

183 115

_ Warrants...., .
Moorgale Inv.TsL J
Moorside Trust....
iWa^CPrdoolan

Murray CMrtdMe.

Do. B

MwrayGteitetNM
Murray Northn. ..

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( Murra y West era.

SghSA SUSl .

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126

99

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149

95

85

79

46

226

101

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149

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126

90

72

70

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120

107

160

73

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310

102

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New Darien Oil TsL
MewThrog. Inc-
Da Cap. Cl -
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New Tokyo Inv. 50p

1928 Invest.

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Northern Sea.
toll ft Assoc- Inv -

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144 TRNabrallksMcn-
68 TRNorthAmmea.4
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TRTectmoiofly

63 TR Trustees Ccvpn.

50 Temple Bar

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101 /Tor. Invest, fnc..

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91 [Tribune Invest.—

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59 VUang Resources.
77 W. Cri.&Tevas lOp.
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64 Wltanlm

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Yorks. & Lanes

125 lYoungCo'sInvXl .

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138

88

183

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19

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125

nra

UMs -h

Q40c

395 +18

—

520 +8

160

16

£114 .

09>,%

239

27

13), .. I

m.

—

455

—

—

68

02

"t

t

-I

66

5.7

119

57

22

5b

0*4

56

*

26

49

18

53

-I

L6

- I

NOTES

units otherwise Iwkcaird, price* ate act dkMrtes are m pence anr
denamnraiOM ai* 25a £«Umed priCe/Nnwig* ratios ate cowvs »*
based am west annual report* ate aecawm and, where netstbie. art
mnxsnl on fuff^earty Apwes P/Ct are calculated m -art
draneutlao tens, eamuigt per share bwm crara me d On profit ftlei
ixweUextd ACT vdrro appHcaWe: Bracketed flgwe-

intacate 10 per cent Or more dtHerencr If cNculatctf an “ntr
murtbatixa. Coven are bawd on -mamnwin" dMntadlaa-. Ite
ranvores grou dMWnd costs 10 profit after taxation. mUudmu
excrodonal profUsnaues but ncludeig estimaied extent of olfscnaMr
ACT. Yields are based an mkUe prices, are grass, adteted to ACT o*
30 per oral ate enow lor tone of declared dhtrriMMn ate right*.

• -Tap” Stock.

• High* and Lows marked Utd* haw been anuriad la alMw fur rigta*
issues to cash.

t Interim since increased nr rosined.

* I mm in since tvckicrd, pasted or Olc n n t
tt Tax-free, to non-resident* on wnWOPlO B.

• Figures or report BMUcd.

9 Mm officially £IK UsUdideaiingspeiiMied<BXkrfbdrib3(4iial

♦ USU. not IHtxd 00 Sock tirtep and company eoi sidHccud to
tame d e rate of regulation as listed secanues.

tl Dealt m wider tado 1630).
if Price at Ume ft suraenwoa

1 Iranuird ftvld m o allcr otodlna vertp and/or ngbtt issue caver
rotates to previous dhHdend or loracasL

♦ Merger bid or rrorgMuteJoe w mvns.

♦ Nat c o m p ar a ti ll.

ft Gam* mrertra: roduerd foul and/or reduced earnings uvhcalrd. '
i Forecast dWdeixt; cover On earnmgs nodal cd by knew tecnm

OalrmenL

X Cover allows to cam en l on ft share* ooi now r — h w g lor dtvtdrod*
or ranking only tor restricted dhrfdrnd
8 Cover dots aoi allow to stem whkh may atorordi lor dtwdeteai
a Inure date No P/E ratio usually p rovided.

H l|g par tfaluf.

B.Fr. Betgtoi Francs. Fr. French Francs. H Yield based or
assumption Treasury BUI ftnte tugs imdianged uerill saiU'ityol mock
a Tax free, b Figures based an ompactat or other official estimate
c Cctttv d DMXnu rme paid or prate* on part ft capital com
based 00 dividend on lull capital, c Rtrarapuan mil t Flat yted
g Assumed tavtoeno ate yieid. tmssuoirtl toldend and yield after to*
issue | Payment from capital tou-ces k Kenya, m interim Higher mi
pemout total, n BtghK «te prodkig. 4 Earning* baste on preihnlnao
iiguros * Dtrkkffld and yirad ndtee a toeewi paymm. t titeotteo
dMdrnd: cover route* to preraoos dMdnvL PrE ratio braed on late*-
nmol earninjA. o F Cretan Attend- cover baste on PrtwB u s year's
coranps- v Subca » loco Uu. ■ Dtrutrud cover m evens ft 10b
wires. yOtedena and yield Basra on na ii y ri terms, abnndrnd ana
yield include a spedai payment-- Cover itoes m apply » speela*
pavuwuu A Met d M d rn d ate ytea • Protgroa c b dtr ww i d passeo o*
deferred. C Canadian. E Mtemuoi leader price. F Distend and
virtu bant on p rortas k w odier ottkia esumalcs to
196304. G Assumed dividend and ytekf «i#r pending terra wxtor
ngtashwe. H OMdendanoyWd bawdanprospaebtsor uLwroHIcte
esthnns to 1984. K Flgwes teste on prospectus or other ofheia
rttimatas to 148240. M Diwdrte ate ylMd based on orosiwcta* 01
oner otfKUi en mates to lgn. R Dnrlcete and yta O based or
p rospec n e. or other offlcui estimates to 196Z H3. P Fraures bate
00 prospectus or ether oinual estuNtes to 19B2. b Gross. T Figures
assuora. Z DHrtdeaa total to date.

Abbreviation* u ei dhudenc: m. ex scrip issue. U ea nprs, a e»

ai'. ft n capttOI dhlntkiUcn

REGIONAL AND IR(SH
STOCKS

Th» Manning IS a selection ol regional ate Irish Mans, the latter being
quoud in Irish oerency.

Alba n y I nr. 20a

Bertrams

Bdg'wtv. CsL 50b
Craig ra Pose £1..
Finlay Pig. 5p..~
Craig Ship £1
MgsM&Srow

leu (Jos) 25a-.
O.M.Sun £1. .
Pearce (C. H.)..
Peel Hugs. — .

ST

X7P

495

£12

37

Lid

105

900

BS

.. .

£13),

174

...

IRISH

Caen. ISpc 1983 ..
wax. oil BO 00
Fhl 13% 97-02..
Alliance Gas

Amort

Carroll IP J t _...
Concrete Pro*. . .
Hcdoo iHMyv)..
Irish Ropes .. . .

IMS. .

Untere

r99b

£85^

I92>,

106

155

95

47

13

OPTIONS

3-month Call Rates

AltiM-Lyoan

BOC Grp

B-S.R..-

Barclays Bate _

Berchim

Blue Circle

Boats ......

BOwaters.

Brtt. Aerospace
Bjlt

Brown U.)

Burton Ord......

Cewtaufds

Dfbrnhams .. .

DlUUter* —

Dunlop.. ...

f Suv _ . M

F. N.F.C.

tea. Accident..
Gen. Electric .. .

Oaaa

GrateMei .-

G. tl.S. 'A'

Goartrian . .
G-K.N . . .
Hawker S-dd

Houseaf Fraser.

I.C.I .

“Imps”. -

I C.L

Ladtanke.

Legal A Gan

LevSemce

Uoydt Bank . .

-Lofi“_ —

Locdba Brack

Lucas Inds.... «.

-teams'"-

Mrk*. & Staler ..

UdbndBate

N E.l

NaL Wed. Bank.

paObU.. ....

Plrssey

ftacw Elect. . ..

R.H M

Rank tag. Oed

RoedlnUd.

Sears .

T.l -

Terra

Thun EMI .

Trust Houses

Turner A Hawaii
Unlever

Utd. Drapery _
VMotrs...-.
Wool worth

Tl" j u

rtn Mid. J 15

Brtt. Land-

Cap Comics — 1

Lard Sees.

teEPC

Peamy

Samuel Praps
Tram A City \

Bnl.Prlrftnin.

BunnteOd

iCnartertHM. ...

KCA .

Pirn* .... .

Shell

Tnceniroi . . .
U Rumor .. ..

Charter Cons .-
Cons. Gold

A sMedMii ft Oouoos uadrd is vven on tor
London Slock Exchange Repm' page

“Recent teftS" aad ^Rights" Page 33

TM* tervtee h wri tab le to eroy tw gao y Ink to an Stoat
Exchange* thraifthaaf the United Kington fora fee of £600
per anmm for eocb secartty

vT.T-f:*,".” .

>■ .■

■<r..

v v

; i /^.

y t

\i /'a

r • ' n

38

CURRENCIES, MONEY and CAPITAL MARKETS

FOREIGN EXCHANGES

i FINANCIAL FUTURES

Sterling recovers from early lows

Sterling recovered from fur-
ther record trading lows touched
against the dollar and the
D-mark in the morning. The
opening trade- weighted index of
77.9 was the lowest for nearly
61 fears, but the pound picked
up from these very earl}' levels
and managed to survive the
rather disappointing February
trade figures relatively un-
scathed.

The dollar lost ground on an
easing of Eurodollar interest
rates, but moved firmer in New
York after European centres had

ringed.

STERLING — Trading range

against the dollar In 1982-83 is

1.9265 to 1.4585. February

average 1.5735. Trade- weigh led
Index 7S.1 against 78.1 at noon,
77.9 at the opening, 78.3 at the
previous dose, and 91.8 six
months ago. Sterling remains
weak and vulnerable because of
uncertainty about world oil
prices, as Tears continue to over-
bang the market of a possible
price war between Britain and
Nigeria.

Sterling opened at S1.457&-
1.4585, and fell to a record trad-
ing low of si. 4540- 1.4550 in the
early morning. A weakening of
the dollar helped sterling im-
prove to S 1.4665-1.4675 in the
afternoon, and it closed at
SI. 4630- 1.4640, a rise of 50 points
on the day. The pound rose to
DM 3.5425 from DM 3.54 against

the D-mark, after falling to a
record low of DM 3.5150; and to
FFr 10.6050 from FFr 10.5950
against the French franc, but
fell to SwFr 3.03 from SwFr
3.0425 in terms of the Swiss
Franc, and to Y347 from Y348.75
against the Japanese yen.
DOLLAR — Trade-weighted Index
iBank of England) 122.0 against
123.1 six months ago. The dollar
has shown renewed strength as
a safe haven for funds during a
time of extreme uncertainty
about the effects of falling oil
prices, and upheaval within the
EMS. 03. Interest rates have nnt
fallen as once expected, partly
because of the high level of
Federal funding, white money
supply growth also remains a
problem.

The dollar fell to DM 2.42
from DM 2.4250: to FFr 723
from FFr 7.2675; to SwFr 2.07
from- SwFr 2.0840; and to Y237

from Y23&90

D-MARK — Trading range

against the dollar in 1982-83 is
2.4940 to 22410- February- aver-
age 2.4260. Trade-weighted Index
1312 against 1252 six months
ago. German economic strength
and low inflation compared with
many of Its neigh boors have
once again caused strains within
the European Monetary System
The result of the German gene-
ral elect ion gave an added boost
to the D-mark, prompting con-
siderable Bundesbank support
for weaker EMS members,
before the realignment of the
system.

The Bundesbank sold DKr 12m
when the Danish krone was fixed
at its EMS ceiling against the
D-mark of DM 28.165 per 100
krone, but did not intervene
when the French franc was fixed
at its maximum allowed DM 3325
per 100 francs, and The Irish punt
at its upper intervention limit of

EMS EUROPEAN CURRENCY UNIT RATES

ECU

central

rates

Currency
amounts
against ECU
March 24

% change
from
central
rate

V, change
adjusted for
divergence

Dhmrganca

limit %

Belgian Franc ...

443662

44.1311

-0.53

-0.72

*1 .5491

Danish Krone ...

8.04412

7.SS2S1

-1.14

■ -1-33

+1.6419

German D-Mark

ZZ1515

2.23806

+1.08

+ 0.89

■*■1.0667

French Franc ...

6.73271

6.71530

-1.14

-133 .

-*■1.4018

Dutch Guilder ...

2.49587

E91110

+0.81

+0.42

-*-1.4341

Irish Punt

0.71705

0.703770

-1.15

-134

±1.6696

Italian Lira

1386.78

1336.56

-3.62

-3.62

±4.1483

CAan 0 As am for ECU. tharafom positive change denotes a
wank currency. Adluntment calculated by Financial Tunas.

DM 3.16. The Belgian franc was
fixed at DM 5.0750 per 100
francs, compared with an early
morning level of DM 5.0650 after
the Belgian National Bank cut
3 per cent from its discount rate
on Wednesdav. The dollar fell
to DM 2.4128 from DM 2.4233
without intervention, while ster
ling was fixed at a record low of
DM 3.5280. against DM 3.5400.

JAPANESE VJCV — Trading
range against the dollar in 1982-
B3 is 277-35 to 219.00. February
average 235.87. Trade-weighted
index 146.5 against 128.0 six
months ago. The yen is gaining
strength on hopes that Japan
will benefit from an upturn In
the U-5. economy. Japanese
capital and equity markets con-
tinue to attract Investment
after a long period when high
foreign interest rates had led
to an outflow of funds.

The yen remained very firm
in Tokyo. Its recent strength
reflects foreign demand for
Japanese shares, with prices on
the stock exchange rising to
record levels for the fourth day
this week. The dollar fell to
Y23S.40 from Y239, after open-
ing at Y237.80. The U.S. cur-
rency touched a low of Y23725,
but recovered later on specula-
tion about a cut in the Bank of
Japan discount rate from 5.5
per cent.

OTHER CURRENCIES

CURRENCY MOVEMENTS CURRENCY RATES

£

Mar. 84 J

£ !

8

Note Rates

Mar. 24

Bank of . Morgan
England .Guaranty
Index 'Changes

iBank 1 Special European
Mar. 84. , rate , Drawing Currency
I % : Rights Unit

Argentina Peso ..'
Australia Dollar.,
Brazil Cruzeiro...
Finland Markka.,
□reek Drachma..
Hang Kong Dollar

Iran Rial

KuwaltD inert KDi
Luxembourg Fr_
Malaysia Dollar..
NewZealandDir.
Saudi Arab. Rival
Singapore Dollar
Sth. African Rand
UA1 Dirham....'

96.002-86,252
1.6800 1.6820
580.30 581.30
7JJ715-7.9B70
120.548 123.401
8.76 U -9.78 U
127.05*
0.427-0.4-28
68.70 69.80
33575 3.3675
22360 22440
5 03 5.04
5.0550 3.0650
12920- 1.5945
5.5685-5.3755

' 65,720-63,770
1.1 SOS -1.1510
403.32 405.34
5.4605-5:4525
83.20413.70
- 6.6735 6.6755
84.00*

0.29190-0.29205
47.59 47.61
2.2965 2.2885
1.5325 1.5350
3.4395 3.4410
2.C695 2.0915
1.0880 1.0895
3.6710-3.6730

' Austria.

' Belgium™

1 Denmark

France- ..

I Germany-

Italy

Japan -

Netherlands

Norway

' Portugal

Spain..............

Sweden

Switzerland

United States...
Yugoslavia. ....

I 24.70-26,00
! 72.50-73.25
I 12.48-12.60
i 10-60-10. 65

I 3.51l2-3.05i 2
2060-2100
346 351
3.9334-3.B7l«
J.U.49- 10.50
138-155
1BP-3D3
10.96 11.06
3.01 3 .04 'a

1.44J* .1.465'
106-120

Sterling- — j

78.1

—41.3

U.S. dollar |

122.0

+ 11.9

Canadian dollar... .1

90.9

-16.9

Auatr on ac trifling.'

122.5

*31.7

Belgian franc

95.6

+ 0.1

Danish kroner j

85.5

—8.3

Deutsche mark. ...-

131.3

*58.6

149.6

+ 105.2

Guilder

119.4

+ 27.3

French franc

71.1

-23.5

U.-a„

S2.4

-59.0

Yen

146.5

*40.0

Sterling I

U.S. s ‘

Canadians ... 1
Austria Sch j
Belgian F ...-
Danish Kr .. 1
□ mark .. ..I

Guilder

French F 1

Lira !

Yen !

Noruvgn Kr...
Spanish Pta |
Swedish Kr 1

Swiss Fr 1

Greek Dr'ch

Bi 2 .
9.47-
31<
11 !
aij
4 i
3i»
9i z
18
si 2 ;
9 ■„

0.738936

1.08056*

■Selling rates.

THE POUND SPOT AND FORWARD

Baaed on trade weighted changes Irani
Washington agreement December 1971.

Bank of England Index (base average
1975=100).

THE DOLLAR SPOT AND FORWARD

5 !

201 ?

18.3382

51.3482

9.27391

2.60718

2.91967

7.81029

1SS5.47

256.633

7.80218

146.632

8.14850

2J334B1

N.'A

0.634864

0.928489

1.13786

15.7472

44.1311

7.95251

2.23905

2.51110

6.71530

1336.56

219.402

6.68141

126.042

6.98409

1.91937

77.7238

•C3/SDR raw lor March 23: 1.32285.
**The SDR/U.S S ioie for March 23
should have read 1.07777.

March 24

Day's

spread

Close.

One month

V.

P.B.

months

US.

Canada

Nelhlnd.

Belgium

Denmark

Ireland

W. Ger.

Portugal

5pa<n

Italy

Norway

France

Sweden

Japan

Austria

Switx.

1.4540- 1.4675
1.7860-1.7980
3 -94 V3. 98*2
69-35-69.90
12.50-12^7

1JW30-1.4f.C-0
1.7950-1 7950
3-37V3-9P.
69.70-59-80
12.56-12J>7

1.1140-1.1210- 1.1185-1.1205
3-514-3.65 3-53V3-54V

141.00- 146.00

198.00- 189.25
2.096-2.111
10.48-10.55

0.18-0. 13c pm
0.23-0. 13c pm
2V-2Vc pm
30-40e dis
44-6ora dis
DJS8-Q.7dp dla
24-1 4pf pm
875-2500C die
115-275c dht

%

p.a.

"fit

March 24

Day's

spread

Close

One month

p.a.

Three

months

p.a.

141.60-143.50
198.50-198X0

2.1074-2.1094 10-17ltre dis

10.514-10524 24-34oredka

10.564-10.614 tO.50-10.61 V24c dis

10.SB-11.CG 70.994-11-004 here pm-), dig

344-348 3464-3474 1XS-1.05ypm

24.75-2456 2453-2458 IZVIOsgro pm

3.014-3-044 3524-3-034 2-14e pm

Belgian rare is far convertible francs. Financial franc 72.85-72.95.
Six-month forward dollar 0.70-0 65c r»m. 12-month 0.S8-0.83c pm.

157 Q. 46-0. 41 pm
150 0.55-0-45 pm 1.11
754 QV 64 pm 6.66
-8-02 50-65 dis -350
-4.83 T04-124dis -3.78
-7.18 1,19-1 ,43d Is -4.68
655 5*j-5 pm 5.93
-146.31 132E-3200ds -6351
—11.78 370-600 dis -9.78
-7.68 36-43 dis
-358 7V-84 dis
—1-96 6-7 dis
0-14 V14 die

358 3.06-3.25 pm
6.70 344-304 pm
653 54-44 pm

-7.40

-3.16

-2.26

—0.27

3.86

6.25

6.76

UKt

Irelandt

Canada

Nsthlnd.

Belgium

Denmark

W. Ger.

Portugal

Spain

Inly

Norway

France

Sweden

Japan

Austria

Switz.

1.4840-1.4675

15060-15120

15250-15275

2.7016-2.7185

47.50-47.76

8.5490-B-5850

2.4066-2.4250

96.00-98.00

135 50-135 56

1.438-1-4414

7.1750-75150

7-2160-75700

75075-75350

23550-238.50

18.94-17.02

25S90-2.0780

15630-15640

15070-15085

15265-15275

2-71 65-2. 7185

4759417.61

85620-8.6650

2.4195-25205

57.00-98.00

13550-135.60

0.18-0. 13c pm 157 056-0.41 pm 1.19
0.98 -0.83c pm 8.24 2.15-155 pm 6.26
0.01c pm-O.04 dis -0.15 0.01-O.06dis -0.11
153- 1.33c pm 6.12 3.8041.70 pm 5.54
3050c dis -B51 50-60 dia -4.62

250-3.80ore dis -4.62 6-7 dis -3.04
IJM-O.afipf pm 4.83 2.85-250 pm 4.07
40O-12S0C dis -101.80 7SD-1050dis -6357
-15.47 300-500d» -11.79
-10.42 30-34 dis -859
— 6.01 74-04 dim -455
-352 5.75-6.75 dis -3.46
-1.52 2.75-3.7Sdis -1.73
2.66 1.66-1.58 pm 2.73
453 184-16 pm 4.07
5.42 300-2.96 pm 5.75
Forward premiums and

100-2S0e dm
1.4404-15414 ll-l4liro dis
7,1800-7.1860 r-r54ore dis
75475-7.2S2S 1.80- 2 50c dis
75125-7.5225 0.70-1 .20ore dis
238.95-237.05 0.6S-0.50y pm
16544-16-954 64-54gropm
25635-2.0705 0.96551c pm
t UK and Ireland are quoted in U.S. currency,
discounts apply to the U.S. dollar snd not to the individual currency
Belgian rate la lor convertible francs. Financial franc 49.75-49.K.

EXCHANGE CROSS RATES

Mar. 94 .

Pound 8f rung

U J). Dollar

Deutsche m'K

Japan eaeYen

French Franc Swiss Frano

Dutch Guild'

Italian Ura

Canada Dollar Belgian Franc |

Pound Sterling

1

1.464

5.543

347 J)

10.605

3JM0

3.978

2109.

1.796

69.75

U.S. Dollar

0.683

1.

8.421

237.1

7^46

2.070

2.718

1441.

1.227

47.66

0.282

0.413

1.

97.95

2.994

0^55

1.123

B95J

0.607

19.69

Japanese Yen 1,000

2.882

4J21B

10.21

1000.

30.56

8.732

1L46

6076.

S.174

201.0

0.943

1.380

3.340

327.2

10.

2-867

3.751

1B88.

1.693 .

65.77

Swiss Frano

0.330

0.483

1.169

114.3

3.600

1.

1.313

696.9

0.593

23J)2

Dutch Guilder

0.25 1

0.566

0.691

87.24

2.666

0.762

L

650.1

0.461

17.54

Italian Ura 1,000

0.474

0.694

1.680

164.6

6.030

1.487

1-B86

1000.

0.852

33.08

Canadian Dollar

0.567

0.815

1.973

193^

6.906

1.688

2JS15

1174.

1.

3835 i

Belgian Frano 100

1.434

9.098

3.079

497^

15J30

4.344

6.703

5023.

2.574

100.

MONEY MARKETS

London rates fail to react

UK clearing bank base lending
rate 10} per cent
(since March 15 and 16)
Interest rates showed little
change in London, despite the
early weakness of sterling and
disappointing UK trade figures.
The Bank of England forecast a
money market shortage of
fSOOiu, and gave total help of
£7 69m. Bills maturing in official
hands and the take-up ' of last
week’s Treasury bill tender
drained £538m, with the unwind-
ing of repurchase agreements
absorbing another £354m, and a
rise in the note circulation £50m.
These were partly offset by
Exchequer transactions of £30m.

ties bought £30m bank bills in
band 1 at 10 A per cent, and £3m
In band 4 at 10} per ceot; and
also purchased £102m for resale
on April 7 at 10 A per cent
In Paris the Bank of France
injected FFr lObn of liquidity
into the money market by buy-
ing first category paper at an
unchanged rate of 12 i per cent.
The purchase of paper maturing
between April 1 and 30 is effec-
tive today.

In Frankfort money market
liquidity was good, reflecting
intervention by the Bundesbank
on the foreign exchanges last
week to support the weaker
members of the EMS. The low
level of Euro D-mark deposit
rates has also led to some leak-
age back into the domestic mar-
ket, helping to reduce Lombard
borrowing by the banks. Use of
the Lombard facility fell to DM
9.9bn on' Wednesday from the

high level of DM 16bn earlier

this week when banks were

taking advantage of the 1 per
cent cut in key Bundesbank
lending rates.

In Tokyo the Governor of the
Bank of Japan appeared to dash
hopes of an early cut in the
Japanese discount rate, when be
said that such a move might

weaken the yen and cause prob-
lems for Japan and other

countries.

LONDON MONEY RATES

In tiie morning the authori-
ties gave help of £634m. and in
the afternoon another £135m.
Before lunch the Bank of Eng-
land bought £377 m bills outright
by way of £30m bank bills in
band 1 tup to 14 days maturity)
at 10ft per cent; £181m bank
bills in band 2 (15-33 days) at
101 per cent; £4m local authority
bills in band 3 (34-63 days) at
10J per cent; £120m bank bills
in band 3 at 101 per cent; £13m
local authority bills in band 4
(64-91 days) at 101 per cent;
and £29m bank bills in band 4
(64-84 days) at 101 per cent.
Another £35m bills were pur-
chased for resale on April 7 at
10 per cent, and £ 222 ra on
April 14 at 104-10ii per cent.

In the afternoon the aulhorl-

| . Starling

Mar. 34 Cortlflaato
1983 j of deposit

i Local

Interbank Authority

1 deposits

Local Auth.
negotiable
bonds

Finance

House

Deposits

iDlsoount 1

company Market Treasury
Deposits Deposits | Bills 6

Eligible

Bank

Bills*

Fine

Trade

Bills*

Overnight. ' — .

2 days notice J —

7 days or - | — •

7 dayi notice - —

One month , ll^-lOH

TVfO months ... 107j-i0fi
Three months.' 10H-lO(i
Six months...... IOi* 101 ®

Nina months ...' 10 i' 5 10 fli

One year * 10Jg-10fe

Two years —

6-11 i -

— 107 a

iOf£ioa lDig

101 , 11 101 «

104 ii ! low

ioit.io +5 i ioi,

105B 104 103«

104 101 , 10 S«

lOrlr-105* 1 105*

— 1 HU

Hi* l Ha
11 * 8-11

11 >4 107a
1019-1018
lOTi-lQl*
lOta-lOJs

11

lOift

12 *

10 fi

10 »

10 li

10-11 | 10 - 10 S+! -

lOrt-ius — —

lUa-llU lOlt-lOEe 1 —

IOi? IQlg-lOBs 10>i-104i
11 10>4-10^4 10 %- 10 /s

lOii-107t 1018-1014 iaft-10Je

lOA

10 *

10 *

lO^-lOlg

U*

llik-

iort

10 ®

ECGD Fixed Rata Export Finance Scheme IV Average Ran for Interest period February 2 to March 1 1983 (inclusive)
11.391 ger cent.

Local authorities and finance houses seven days' notice, others seven days fixed. Long-term local authority mortgage
rates nominally three years 114 per cent: four years 114 per cent: flee years 114 per cent. * Bank Mil rates In taMa
are buying rates lor prime paper. Buying rate for four month bank bills 104»-104 per cent; tour months trade bills 11 per
ceni.

Approximate selling rate for one month Treaaury MUs 10*4* per cent: two months 10*41 per cent: and three months
104 per cent. Approximate selling rate lor one month bank bills lOS-IO^n per cent: two months 104-10*41 per cent;
snd three month 104-10*n per cent; trade bills 10“i» per cent: two months 10*4* par cent and. three months 10*4*
per- 1 cent.

Finance Houses Base Rates (published by the Finance. ■ Houses Association) 114 per cent from March 1 1983.
London and Scottish Clearing Bank Rates lor lending 104 per cant. London Deposit Rales lor sums at seven days’
notice 74 per cent.

Treasury Bills: Average tender rates of discount 10.1643 per cent. Certificates of Tax Deposit (Series 6). Deposits
of £100,000 and over held under one month 104 per cant: one-three month 104 per cent; Hire-six month 104 per cant;
eix-12 month 104 per cant. Under £100X00 104 per cent from March 16. Deposits held under Seri as 3-5 104 per cent.
The rates Itt ell deposits withdrawn for cash 8 per cent.

INTEREST RATES

EURO-CURRENCY INTEREST RATES
(Market closing rates)

MONEY RATES

NEW YORK

NETHERLANDS

Mar. 24 j

Short

farm

7 days
notice

Month

Three

Months

Six

Months

One

Year

Sterling..

U.S. Dollar....,
Gait. Dollar... j
D. Guilder ...J
8. Franc !

Deutschm'itc

Fr’nch Franc
Italian Ura . -
eng. Franc.-
Conv. , .

Yen I

D. Krone. .... )
Asia 6 'Sing.ii

104-11
8A.9
64-74
3 la -3*8
23*84
4.1, -4 m
121--12U-
17411

103*. 11
8Tj-9'a
a 4-94
3ta Sti
8 -84
43a 43«
I9ij-I2?a
lSTsSOTg

: lOtf-lOt*
B.iOfc
I 9> e 9Js
I 3*-3rfc

i 3H£

J01*-12T 4

17SS-21

28-34 17-23

IS- 14 2 13 14

6T4 7S7 7-71*

26-161* I 1B4-1B4
8 Sis i 94 9-»

IBis 17
1 3 If in*
, 6« 67e
‘l4lg-14Sq
913-958

lOKMOft

»■%■»*

Bt8-*w

3T„ 4

4441s
184-13U
174 19 la

13i s -14tg

lZig-184

6H.-6HI

134-14

94-04

lore 104

Hie 9ri

84 B7 3
4*4fr

64-4
5 54
14144
184 193e

13-14
12 124

ere-et*

134 141a
Sea-ore

9reBt«

zo lore

3?j4 la

lore’isre

ls-iere

Prime rate

Fed funds (lunch-time)...
Treasury bills (13-week)
Treasury bills (26-wsek)

8V-M.

84«

850

Discount rats ..
Overnight rata

One month

Three months ..
Six months

.... 34
.... 3V3 T *
— 3*1-31.
.... 34-0*,
.... 44-44

GERMANY

laic - 13 re
is rare
6reare

14.141b

HW-9rt

Lombard

Ovemighr rate
One month ....
Three months .
Six months ....

3.0

5.06

550

550

555

$ CERTIFICATES OF DEPOSIT

One month 8.85-9.05

Three months 9.00-9.10

Sue months 9.16-955

One year 9.40-9. GO

FRANCE

LONG TERM EURO $

FT LONDON INTERBANK FIXING

(11.00 a.m. MARCH 24)

Intervention rata
Overnight rate ..

One month

Three months

SU months

12-5

12575
12.5825

12576
125626

Two years .
Three yoara
Four years ,
Five years. .

104-104

11-114

114-114

114-114

3 month U.S. dollars

B months U.S. dollars

bid «7>I9 | offer 9 fl/ 18

bid 9 9.18 j offer 9 11/10

JAPAN

SZ3R LINKED DEPOSITS

Discount rate -

Call (unconditional)

Bill discount (3-month)

5-6
6.6
6.84375

One month
Three months
Six months ...
One year

B'u-B'V

8

84-94

9-94

SWITZERLAND

ECU LINKED DEPOSITS

The fixing rates are the arlUimotio means, rounded to the nearest one-sixteenth,
of the bid and offered rotes for 510m quoted by the market to five reference banka
at 11 am each working day- The- bunks are National Westminster Bank. Bank of
Tokyo, Douiache Bank, BanquC Nationals da Paris and Morgan Guaranty Trust.

Discount rate

Overnight ran

One month — — -

Three months -

4

14*24

44-»4

34-4

One month 94-94

Three months 914-94

Sim months 94-94

One year — 94-10

l

Gilts improve

Gilt prices od the London
International Financial Futures
were encouraged by tbe better
showing of sterling on tbe
foreign exchanges yesterday. A
total of four lots were traded for
September delivery, with acti-
vity almost entirely confiend to
the June month once again,
where the price opened nr per
cent higher at 102-23. This
trend was reinforced by early
gains in the cash market,
encouraged by the firm close of
U.S. Treasury bond prices on
Wednesday night. On Llffe tbe
June gilt price touched a peak
of 103-14, and closed £| higher
on the day at 103-09, with the
firmer tone reinforced by the
rise of the 20-year Treasury
bond contract on the Chicago
Board of Trade. Disappointing
L'K trade figures for February
led to a temporary decline of
London cash prices, but were
announced too iate for any effect
an the Liffe market.

The three - month sterling
deposit contract traded within a
□arrow range of 10 basis points
for June and September delivery.
June opened unchanged from
the previous close at S9.S1, and
eased to 89 .SO. but held quite
firm as London money market
rates showed no alarming re-
action to the initial weakness of
the pound 3S it fell to reenrd
trading lows against the dollar
and D-mark. June short-sterling
finished 4 points up on the day
at S9.S5, with September 5 points
higher at 89.95, benefiting from
the pound's improvement in the
afternoon.

Financial Times Friday March tt? ISS3T
Authorised Uuhs— contlo«ec^ ;

Equity & Law un. Yn Mngre (aY(b);c)
Arnnuun Rd. H-ej* WwwM. 0J9« H*’’
(ura T>l At 554 if * +#S 158

Hexagon Services Ud. . *

4 Gt SI HHena London IC1P 5~oa 4 «»--

AnffinCe «31 3 *22 * • ' ***

Brew n Can 7» * -5-J

BnMin Gr*nt Be 1 ” '

CairfMiora »*-i fOf

- * s ;

Insurances — continued

Eurodollars also moved within
a narrow range, although market
volume continued to improve.
June opened 10 basis paints
higher at 90.47, reflecting the
firm U.S. close on Wednesday,
and rose to a peak of 90.55,
before closing 14 points up at
90.5L

LONDON

CHICAGO

THREE-MONTH EURODOLLAR Sim
points of 10 Q"i

U.S. TREASURY BONOS tCBT)
8% 5100.000 32nds of 100%

Oow High Low Prev
Jura 90 51 9055 90.47 5047

Sum 9059 9055 9057 90.15

Dec 90.16 9045 90.14 90.04

March 89-36 — — 8954

June — — — _

Volume 1.615 (1.476).

Previous day a open mt. 3.439 (3.683)

THREE -MONTH STERLING DEPOSIT

£ 260.000 points of 100 *.

June

Sept

Doc

March

Juna

Sept

Dm

March

Juna

Sept

Dec

Latest

High

Low

Prev

76-14

78-28

79-14

76-16

75-29

79-10

79-28

75-31

75-18

75-28

75-13

75-17

75-06

75-19

75-06

75-06

74-30

75-08

74-30

74-29

74-22

74-28

74-22

74-21

74-15

74-22

74-15

74-14

74-09

74-17

74-09

74-08

74-04

74-11

74-04

74-03

__

—

73-27

Close

High

Low

.Prev

Jims

89 8S

89.00

89.80

8991

Sept

89.95

90.00

89.90

89-90

Dec

89.97

89.99

89.95

89.93

March

89.33

—

_

8948

June

90.05

—

—

GNMA (CBT) 8% SI 00. 000 32nds
of 100 %

Volume 557 (1.085)

Previous dey'a ooen mt. Z984 {Z922J

20-YEAR 12*. NATIONAL GILT
£=0.000 T!nda of KJO*'.

Close High Low Prev

March 103-13 — — 102-22

June 103-09 103-14 102-22 102-17

Sept 102-31 102-31 102-21 102-07

Dec 104-00 — — 103-07

March 104-OS — — 103-14

Volume 1.383 (1.708)

Previous day's open mi. 2.163 (2.198)
Basis quote (clean cash price of 154*/.
Treasury 1398 less equivalent price of
June futures contract) B to 16 (32nda).

Jung

Sept

Dec

March

Juna

Sept

Dee

Match

June

Sept

Doc

Latest

High

Low

Prev

70-02

70-16

70-02

txr-ai

69-07

69-18

69-07

89-04

68-19

68-28

68-19

68-13

68-03

69-10

68-03

67-28

67-21

67-27

67-21

67-16

67-06

57-15

67-06

67-04

63-24

67-05

06-44

0b-2e

—

—

—

—

—

—

—

—

U.S. TREASURY BILLS (IMM) SI
pa Wits of 100%

STERLING £25.000 S per f

Close High Low Prev

June 1.4617 1.4635 1.462S 1.4683

Sept 1-4595 1.4595 1.4595 1.4565

D<tc — ^ ^

Volume 5CS (694)

Previous day's open int. 899 (871)

DEUTSCHE MARKS DM 125,000
S per DM

Close High Low Prev

Sept 0.4237 0.4246 0.42Z1 0.4215

June 0.4185 0.4190 0.4171 0.4162

Doc _ __ ±J ^

Volume 150 (189)

Previous day’s open int. 4)1 (396)

Latest

High

Low

Prev

June

91.41

91 SI

91 39

91.42

Sept

91-21

91.32

91.19

91.24

Dec

91.05

91.15

01.05

91.06

March

90.91

90.94

90.88

91.49

June

90.72

90 »

90.69

90.68

Sept

—

90.54

90.51

—

Dec

90.33

9CL35

90.33

90 30

March

90.92

90.93

90.92

90.88

CERT.

DEPOSIT

(IMM)

Sim

points

of 100 %

Latest

High

Low

Prev

Dec

90.37

90.37

90.25

90.27

March

91.04

91.11

91.04

91.10

June

90.69

90 83

90.88

90.73

Sept

90.46

90.56

90.46

90-48

SWISS FRANCS SwFr 125,000
S per SwFr

THREE -MONTH EURODOLLAR (IMM)
Sim points of 100%

Ooea High Law Prev
0.4891 0.4895 0.4865 0.4860
04854 0.4954 049CC 0.4838

June
Sept

Dec — — — ■

Volume 50 (15)

Previous day's open int. 319 (309)

June

Latest

90.19

High

90-26

Low

80.14

Prsv

90.18

Sept

88.95

80.06

89.95

89 K

Dec

89.78

88.88

89.78

88.77

Fob

—

—

March

88.63

89.67

89.83

89.59

JAPANESE YEN Y72J5a» S per YVJO

STERLING (IMM) Ss per E

Close High
June 0-4255 0,4265
Sept 0.4289 —

Dec

Volume 203 (45)

Previous day's open int. 305 (327)

Low Prev
0.4218 0.4209
— 04241

June

Sept

Dec

March

June

Latest

1.4585

1.4555

1.4560

1.4566

High Low
1.4640 1.4SS6

1.4625 1.4540
1.4600 1.4530
1.4S8S 1.4550

Prev

1.4500

1.4580

1.4560

1.4545

Albany Life Aaauranee Co LM
3 D«rk» Lane Pattera Bar 0707 42

«..o -

Fla i Pan Ac Jea a use -r 2.1

GtMnt-onAr 234 2 Ml. } »!<

imiMnPnAr 235 3 J*~ a v 3-J

NAmPnFOAC 1Z0.9 12? 2 i- « T

SST Iv'prAC *77 2 502 3 * 23 £

Commercial Umcn Grour
KHcUm « 1 UnOerahaH ICS. 01-263 7500
varMAcMarte — 132 56

WW |

ManaOfd

UK Cqa<t*
mu Cqena
Pnocnv
Fl«ca int

Cash

Cain

Fimo lot

Prooar cv

NM West

2S — -

30.72

tgi.t

IBS 6

+ 0 A

103 S

109.0

♦ 0-3

tux 3

109 n

+ 0 9

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102 D

too o

103 a

+ 0 7

IS >

100 2

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too 9

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+ 0.1

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139 0

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154 5

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169 6

1714

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fDaFuMK
re>n »h nP»Ac.
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cth te p« w *a.i . ..

Shand'e Ida A sauran ca G» ltd

0708.884411

From mu Hrt. EertMmwe

ss?r sFlg

Internal- 17U --.I8h
Nil* Aieer ]0t-| ;

ZSJZ? S:|- 4
EM.-*

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;W int

Hendereo n A4mm(scratMn
1 1 Austin Friars. London EC?.
Hlelt Inc M 131 0 13B.8

GUK-coa re -i&.g
CO Gnm Fd 136.9
TcCMWIOOV 1 52.4
Nat Revere T13 9
5oac Sits Fd 1B1 S
N Amor Fd 212 6
Far Utt Fd 1 57 5
Proa Fd 112.9
Mxiuoad Fd 175.6
Far E PS Ac 105.9
Donoslt Fd —

Print* Rl Rp 104.4
UK Enp Ac 96.0
FxdlntJHAc 96.9
N Am Ps Ac lOfi.a

1C 1.7
144 2
ISO 5
tie 9
101.1
223 B
165 a
116.0
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111.5

01-388 9622
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+ 0 B —

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+ 0 4

ti:2 =

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100 0
101. t

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112.0

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+ Q&
+ 12

l&Drpjl isjT - iScl — t—
fh ariengf Canoaf UpIm ■» «U»an»aj*w
I,t 4 Ram mm Mew ONl-llNII.
Target Life Aasumnce Co Ltd

=- -■-= m

Daeocho Mark —* • ~

7SB UM Ltd

B aev 3 kiwi riDOM AikMw, Harts.

IQ IPG.

es5.'%?s

si t i \m

/

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Offshore and Overseas— continued

CAL Investments (loM) UmRod

16 Si Gecrees St Douglas loM. 0624 39031

CALCm&C 45.0 100.7 447

CAL Metal 04-4 M.4 . . —

Dealing daw every Mwtfa*.

CAL Inv es t men ts (Bermuda) Limited
PO Bex 1022. Hamilton. Bermuda
CTR Fd 03.0 1002 .... —

Dealing days amv Monday.
Perpetual U-T. Managers (Jerday) Ltd
PO Bex 459. St HNier. Jersev. 0534 74517
OOshrCwth SO-Sa t .063 ...- 2.00

RotfwcfilM Asset Manage nmit (C.l.)

St JaRaa'a Ct. St Peter Ft. Guerntav.

D4B1 36741

SC tntaroauoaai Rmarvam Ltd
Bel Fr, BFraza.47 + 0 31

Canadian 5 Ct3S 58

D-Mark OM50 005

PaKk GuiMer rul.u
French Frs PFrl 58.92
Italian Lira LM.79B
JananaM Yen YG13B.1Z

+ 0.010
+ 0.005
+ 0 005

+ o as

l\°A

14 t
7-34
3.03
3.5Q
246.30

S-B3

POBoe IJSSt^l

Schroder 1
Slvrline

ys'oollxr

... f Jersey T ud
jmw. 0534 37381

.-niri' DM
llunu Franc SF

Tyndall -Q uerdlan Mardmsnwni Ltd
PO Box IZSd. HamUton. Bermuda.

T-G Am 421.7* — .... —

?:g?g» e?8fi =

- ....

T-t Mon C 11 MI - 7 - '

dgS? Mil = ::::

T-G WalISc 122,74 ' ' — .

ms

HER ROUND TURN.

If you deal in US* commodities
execute your ordere for just $35 per round turn.

Any commoditxany US.exdiange,any
quantity. ;; - •

You get fast fills (personal service, too).

Andyourfunds are lidd in segregated
accounts. So you're proteaed.

If >xxj like the idea of mihinMl brokersge
commissions, mail the coupon OT phoasus.

W ell tell you more.

To: Eastern Capital Ltd, 9 Leooard Street, London EC2A4HP.
Teb 01-250 0798 C9am-9pm).

NAME-

ADDRESS.

-Eima

EASTERN CAPITAL

NCWVORK SOeTQW • LOWOOJI ■

DISCOUNT' BROKERS-

TIS STOCKS. U.S.COMMODITIES.

- 1

m

WORLD VALUE OF THE DOLLAR

Bank of America NT & SA, Economics Department, London

The table below ghee the rates of ex c han ge tar the UA dollar ogatnet eerteae
currencies as of Wednsaday March 23 1963. The exchange rates lined
ore middle rates between buying snd Belling rexes ee quoted between
banks, unless oth er w is e indicated. All currencies are quoted In foreign
currency units per one U.S. dollar except la cartels soedBed areas. AS rates

on. and . are not Mended to be

quoted ere Indicative. They sire not, based
used as a basis tar. particular transactions.

Bank of America NT 8 SA dews not undertake to trade In aft Rated foreign
currencies, and neither Bank of America NT ft SA nor (tie Financial Times
assume responsibility tor errors.

COUNTRY

CURRENCY

Afghanistan Afghani (O)

Albania.

Algeria

Andorra.

Angola

Antigua --

Argentina..

Australia

Austria

Azores.....

..... Dinar

Fr, Franc
— iSp. Peseta

Kwanza

.... EL Caribbean 8
..... Peso (0

Dollar

...... Schilling

Pori. Escudo

Bahamas.

Bahrain........

Balearic

Bang led eah.

Barbados

Belgium.. ]

Belize

Benin

Bermuda-

Bhutan - -

Bolivia. - ]

Botswana*

Brazil

BrvnaL —

Bulgaria.

Burma-...-......,.-....

Burundi-

Cameroon Rp.

Canada —

Canary la. -

Cape Verde Is.

Cayman Is

Cen. Af. Rep-

Chad

Chile

China

Catomteo-

Comoroa -

CongoP'pteJtap.of
Costa Risa._ |

Cuba.— .........

Cyprus —

Czechoslovakia^...

Dollar
Dinar
sp. Peseta
Taka
Dotiar
Franc (Cl
Fhono (F)

Dollar

C.FA Franc

Dollar

Ind. Rupee

Peso id

PeeOM

Pula

Cruzeiro

Dollar

Lev

Kyat

Franc

<LFJL Franc
Dollar
Bp. Pasata
Esoudo
Dollar
O.FA Franc
CJA Framo
Peso (O)
Renmmbi Yuan
Peso iOi
C.FJL Franc
CJA Frano
Colon (O)

Colon

Pound"
Koruna (O)

DenmarK-

Djibouti Rp.of .

Dominica.

Dam In. Rep

Ecuador. —

Egypt

El Salvador

Eq'H Guinea....

Ethiopia

Fas roe Is.

Falkland Is

PUI

Krone

Franc

E. Caribbean 8

— Peso

I Sucre (O)

" 1 Sucre iF)
i Pound* lO)

■ l Pound* (0)

.... Colon
... Ekuelo
.... Birr (Ov
Dan. Krone

VALUE OP
DOLLAR

50.60

6.BSS3

4.61

7.2623

135.90

30.914

8.70

68105.

1.1617

17.04

94.00

1.00

0.377

136.90
94.10

8.0113
47215
B 0.0*
2.00

363.136
1.00
9.076
44.00

108.00
1.0787

404.33

2.088

0.966

7.593

90.00

365.125
1.8258

135.90
68.64S

0.835

363.126
B63.12Q

75.37

1.9842

73.67

363.136
363.186

40.20

40.00

0.8531

1.9384

6.10

Finland -

France-. -

Fr.Cty In Ar._.
Fr. Guiana......

Fr. Pac. la

Gabon . —

Gamble — .
Germany (E) —
Germnay (WJ. —

Ghana— -.

Gibraltar —

Greece..

Green lent]

Pound*

.... Dollar

— Markka
Franc

, — C.FJV Franc
, — Frann
.._ C.F.P. Franc
. — CJA Franc
Daiasi

— OstmarkCO)

— Mark

Cadi

— . Pound 1
.... Drachma
.... Dan. Krona

6.6032

177.78

3.70

1.00

42.00

82.23

1-4386

1.2098

2.60

271J90

8.0613

B.6Q38

1.4658

1J3OB0

5.4665

7.3625

363.125

7.2635

126JS68

363.125

8.73

2.422

9.423
2.76
1.486S

B4.12

8.6038

COUNTRY CURRENCY

Grenada E. Caribbean f

Guadeloupe Franc

Ouam — U.S. S

Guatemala Quetzal

Guinea Bissau Peso

Guinea Rap Syli

Guyana. — Dollar

Haiti Gourde

Honduras Rep. Lempira

Hong Kong Dollar

Hungary Forint

Iceland — Krona

India.. Rupee

Indonesia— Rupiah

Iran Mai (O)

Iraq...... — ..... Dinar

Irish Rep Punt*

teraal — Shekel

Italy--- Ura

Ivory Coast.. O.F.A. Franc

Jamaica _ Dollar id

. Dollar in (1)

Jordan Dinar

Kampuchea. Riel

ShiiBng

Kiribati — Aust. Dollar

Korea (Nthi Won

Korea (Sthj- Won

Kuwait Dinar

Lao P'pfs D. Rap _ Kip

Lebanon Pound

Lesotho Loti

J-{be ri a Cellar

Libya....... — mnar

Ueohterat'n. Sw. Frano

Uetembourg Lux Frano

Macao. Pataca

M adagascar D, R.. Frano
Madeira Port, Escudo

Malaysia. Ringgit

Maidive is. \

u.ii a. * Rufiyaa (M)

RP- Frano

Martinique Frano

Mauritania Ouguiya

Mauritius-. Rupee

Mexico I PesoiW

... •* Peso ifificonfd)

Miquelon Fr. Frano

Monaco— — , Fr. Frano

Mongolia... — Tugrik (O)

Montserrat .... E. Caribbean a

KIS 0 *?, Dirham

Mozambique. ..... ., Medea

Namibia.- SJL Rand

Noura i*- - Aust. Dollar

Nepal.- qu pee

Netherianos.' Oulldar

Nath. Ant'les Guilder

New Zealand. ....... Dollar

Nicaragua. Cordoba

N garde.. C.F.A. Frano

Nigeria Naira (Oi

Norway Krone

Oman, Sultanate of Rial

Balboa

Papua N.G. Kina

Paraguay- - J Guarani (o1 r8>

»“**» \ Qua rani im> (2)

VALUE OF
DOLLAR

8.70

Peru ;

I 7-2625

Philippines

i 1.00

Pitcairn is-

-1.00 |

Poland —

' 40.B037 !

Portugal —

i 82.8921 :

Port Timor.

1 3.0278 1

Puerto R5oo~

Qatar

1 8.00

1 6.665

39.8703 |

ai.oo ,

Reunion lie tie la...

Romania — ...

Rwanda-

9.975

703.60

64.60

0.51

1.SOS5

39.20

1443.00

368,186

1.7B3S

2.635

238.62

0.3686

nx.

13.0370

1.1517

0.94

761.80

0.3026

10.00

4JS04

1.0905

1.00

0^061

8.0766

47.86

6.9282

884.00
94.00

1.1136

8^96

3^3

7.05

726.26

8,8287

7.8625

63.55

10.4374

166.00
107.06

7.3626
7 .2623

3.5555

2.70

6.4076

31.5786

1.0905

1.1617

13.20

2.7192

1.80

1.5341

10.05

363.125

0.8754

7^215

0.3466

12.8778

1.00

0.646

186,00

160.00

COUNTRY

CURRENOY

Sol

VALUE OP
DOLLAR

•»< winnwiior,... s. wnaonn t

St. Helens,...- Pound*

SL Lucia E. Caribbean S

3t_ Pierre. — Fr Frano .

St. Vincent E. Caribbean S

Samoa (Western)— Tala .

Samoa (Am.)— ...—. U.S, 8
San Marino— ........ IL Ura

1164.48
2.645 -
. 1.5341
86*8
S4JD0
njL.

1.00

3.6397

7,3626

4.47

HJ4

2.70

L4868

2.70

' 7JK3S
2.70

.. UM2
1.00
1443.00

Baa Tome ft

Principe DR— Dobra

Saudi Arabia Rival

Senega). G.FJL Frano

Seychelles- Rupee

Sierra Leona Leone \qi (3)

Leona (q) \3)

Singapore. Dollar

Solomon is. — — Dollar
Somali Ran— Shilling

South Africa Rand

Spain- Peseta.

S ?r^? Kt,lnW - Up-Peseta

Sri Lanka! Rupee

Sudan Rap. — Pound*

Surinam — — ..... Guilder

Swaziland — Lilangeni

Sweden. Krone

Switzerland-., Franc

Syria Pound

Taiwan Dollar (O)

Ewranta Shiiltafl

Jboltand Bant

rnno

Tonga ll. RnaMa

Trinidad ft Tobago Dollar

Btaar J •

rJiHir * Cuiooe...... UJ5. •

T »«a*u Am*. DeRar •

Uganda— smiunp (1st)

, |M _ . Shilling (Snd)

A'b. Hmlr. Dirham

utd. Kingdom—^-. Pound starling*.
Upper Volta c.FJi Prann-

“■*4.11, Rouble .

Vanuatu Vatu ’

Vatfean ^

Bolivar (71

Venezuela— | Bo|jrar-l§i

< Bolhmr 101
Vietnam. Done iOi -

virgin Is. Br.. Jl." u3S “
Virgin Is. U,8, N J..,U.& ■

Yemen RM'.

Yemen PDR..^..-. Diner - '

Yugoslavia Dinar

Zaire Rp.....,_ Zaira .

Zambia— .Kwacha (4)

Zimbabwe^ Dollar

41.9829
3.4405
S63.12B
6.709 r
L91
2.48
. SLOOB
1.1213
16^014
1.0905
186.20
138.90
B93W

a.

a.07»

: ajBAB .

40.01
. B.TO
93J«

M-.-

. O.U1
2D248
on
LWW

11

8.47*6

863. WS

: r:

* 44 9J00-.

iajHW-
■- 6.00
. 8.30

••• 2.W-''.

1,00,

xjw; :

4.S®.

I:.

rur. «« available, (mj Merkel raw. * U.S. deHart per National Currency unit, (a) OHidu 1 . ' ■=.^

t Tt?-V° r Fx . raM wis:*. Comm aid Fin. (2) Pngm onetsias a two-tlsr synsm. o-j'mL", ' Commarcid rate. . (f) FwiBftfaal. WMhT: '.P i .

a: Commercial fnrininhiiu _ -* t* - one government transaction*, m roH- 01 W ,

,, rm. u; r^su., operates a two-tlsr system, o- imports, oxnor.. ■ If I rwanciai- fSWu; . -L ra :

Sisrre (eons, (o) lor Imparts: Commercial tarinlghily auction of FX. (4) ZaiSbU- Jof* At 86<reremant ttaneacUona. mroH- 01W -VC“S2S!» "

'• i reie covsiing Imports, exports and some dobt ronaymeits. (71 Vcn„1uWi,? 0 . , K Ca " 1 .‘‘•Yaluabea egxiflst SDR, (5) Manta*:
anilol Imports. (B) Venezuela— Non-easoniuil Import raw. (9) Vanozuela: Fioauna rate lor hoi .dmrelbpeti, TWa one ta-hf •» s

" w wutists. 110) Ecuador dsvuiuad by 21 mr cent, - ,

m

rata. . .
essential

■ — .U3T.U'